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Africa's Flutterwave banks $170 million in fresh capital

Africa's Flutterwave banks $170 million in fresh capital

African payments technology processor Flutterwave has secured $170 million from a group of international investors as part of a successful Series C round.

The round was led by growth-equity firms Avenir Growth Capital and Tiger Global Management with participation from new and existing investors.

The fundraise brings the total investment in Flutterwave to $225 million and values the company at $1 billion.

The company helps merchants accept payments both online and at the point-of-sale through a host of methods, including cards, mobile money and bank transfers.

Founded by entrepreneur Olugbenga Agboola in 2016, Flutterwave has processed over 140 million transactions worth over $9B to date and serves more than 290,000 businesses including the likes of Uber, Flywire, Booking.com, and Facebook. It is also the African payment provider for Worldpay clients around the world and has a deal with Visa to issue physical and virtual cards and process payments using the US giant's card rails.

Agboola says: “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. We look forward to increasing our investments across the continent and deepening the impact our platform has on lives and livelihoods as we take more businesses in Africa to the World, and at the same time continue to bring more of the World to Africa.”

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