Flutterwave CEO, Olugbenga Agboola
By Dennis Erezi
Nigerian payments company announced that it is worth over $1 billion after closing a $170 million Series C round.
TechCrunch reports that the funding round was led by New York-based private investment firm Avenir Growth Capital and U.S. hedge fund and investment firm Tiger Global. New and existing investors who participated in this round include DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Ventures, Salesforce Ventures, Tiger Management, Worldpay FIS 9yards Capital.
The Series C round comes a year after Flutterwave closed its $35 million Series B and $20 million Series A in 2018. In total, Flutterwave has raised $225 million and is one of the few African startups to have secured more than $200 million in funding.
Launched in 2016 as a Nigerian and U.S.-based payments company with offices in Lagos and San Francisco, Flutterwave helps businesses build customisable payments applications through its APIs.
When Flutterwave raised its Series B, it was reported that the company had processed 107 million transactions worth $5.4 billion.
Those numbers have increased to over 140 million transactions worth more than $9 billion according to Techcrunch.
Flutterwave said more than 290,000 businesses use its platform to carry out payments.
The company in a statement noted that it has the capacity to do payments “in 150 currencies and multiple payment modes including local and international cards, mobile wallets, bank transfers, Barter by Flutterwave.”
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