12 May 2022

Flutterwave Closes $250m Series D Funding

This $250 million funding round by Flutterwave brings the company’s valuation to $3 billion!

What is Flutterwave? To be put simply it is a fintech company that provides seamless payment solutions on the continent. See those solutions here.

Flutterwave’s founder wrote: “Since inception, our goals at Flutterwave have always been clear. We want to make it easy for a business in Lagos to sell to a customer in Kenya, seamlessly, to make it simple to accept payments globally.  6 years later, with an abundance of building, marketing, partnerships and an unfaltering belief in ourselves, we have made huge strides in simplifying payments for endless possibilities in Africa.”

He shared some key highlights about the company:

  • They announced Series C funding in March 2021
  • Doubled their 2016 to 2020 transaction value to over $16bn.
  • Tripled customer numbers

“As we announce our Series D round of $250m, we continue to feel the support of our people, customers, regulators, investors and well wishers. Our growth and success across Africa and the emerging markets is not an isolated case. There have been other fintech startups in Africa creating amazing experiences for their customers, and gaining support from local and foreign investors as a result. Companies such as Float and Cinetpay continue to embody this assertion as their reality,” Agboola added.

He also shared that tech companies like Twitter are seeing the opportunity in partnering with other companies, for example, Barter by Flutterwave will be used as a payment option for Africans on Twitter’s Tips products.

He attributed the growth of the fintech industry to increased trust of financial products by consumers in Africa, the increased access to infrastructure available for fintech startups to build and scale, and more understanding from regulators about the industry as a whole.

He ended his statement by saying, “Young people in Africa continue to question the boundaries of innovation. Young Africans continue to push beyond the ceilings they’ve come to meet and we’re all excited that the world wants to be a part of this growth. Yesterday was the best time to build in Africa. Today is the next best time. Indeed, It is still day 1 in Africa.”

Read his full statement here.

Sandi

Tech blogger. Gadget junkie. Life lover. I love eyeliner. Miller runs through my veins.

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