Africa: Flutterwave’s valuation triples in a year

Last updated on February 17th, 2022 at 08:16 am

An African fintech company flutterwave has raised $250 million in a series D round recently which has tripled the company’s valuation and taken the total value at $3 billion in just one year of its run.

The headquarters of the business is in San Francisco but the business is based out of Lagos. Last year in March, the company raised $170 million in a Series C, a huge profit for the operational purpose, taking its valuation at $1 billion.

Towards the end of last year, Bloomberg projected financial sourcing for the company which was confirmed last week with the announcement of a $250 million profit raise. Till now, the company raised $475 million from the time of its inspection since its year of inception, which was six years ago.

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Series B came in 2020 which saw a $35 million raise and a $20 million Series A in 2018. With the latest round of valuation, flutterwave is the highest valued African startup that exists.

It surpasses SoftBank-backed fintech OPay and FTX-backed cross-border payments platform Chipper Cash, both of which are valued at $2 billion and below.

Not only in terms of valuation but flutterwave has also gained immense trust of the users. The founder and the CEO of the company Olugbenga “GB” Agboola is also responsible for moving the business in a direction that can increase the mobility, structure and speed while carrying out online payments.

Flutterwave facilitates cross border payments of small to large businesses in Africa via one API. Apart from this, the company also promoted businesses outside Africa and is looking to expand itself throughout the continent. Some of the big names attached to it are Booking.com, Flywire and Uber.