Nigeria: Payments company Flutterwave raises $170mln expansion fund

Top Stories

(Ecofin Agency) - Fintech company Flutterwave, which operates in 33 African countries, announced that it has successfully raised $170 million in a Series C financing. This operation values the fintech at over $1 billion and brings the total amount raised by the company since its inception in 2016 to $225 million.

"When Flutterwave was founded in 2016, the payments landscape in Africa was highly fragmented so the goal was to build a pan-African platform that simplified payments for everyone," said Olugbenga Agboola, co-founder and CEO of Flutterwave.

“However our successes would not be possible without our amazing team of 300+ employees that work tirelessly to achieve our goals. The trust and support we have received from our investors and customers and Regulatory bodies like the Central Bank of Nigeria have created the backbone upon which companies like Flutterwave have been able to thrive,” he added.

The fundraising comes at a time when the covid-19 pandemic has boosted the use of digital payments on the continent. The U.S-domiciled fintech estimates that this digital adoption has contributed to exceptional revenue growth of 226% (compound annual growth rate) between 2018 and 2020.

The payments company will invest the new capital to execute its ambitious growth strategy in Africa and beyond. Flutterwave plans to enhance its technology, products, and services and also expand to new frontiers by attracting new customers in existing and international markets.

The company claims to have processed over 140 million transactions worth more than $9 billion; and also more than 290,000 corporate customers across Africa.

Chamberline Moko