Groundbreaking! Flutterwave is Now Valued at $3B

With the completion of a $250 million Series D financing, Africa’s fintech company, Flutterwave, increased its worth to more than $3 billion in only twelve months, more than doubling its previous valuation.

It secured $170 million from Tiger Global and Avenir in March 2021, valuing the company at $1 billion. Flutterwave has raised $475 million since it was founded six years ago. It also raised a $35 million Series B in 2020 and a $20 million Series A in 2018. B Capital Group, Alta Park Capital, Whale Rock Capital, Lux Capital, and other investors have joined the Nigerian unicorn’s new investors.

The new fund will help Flutterwave move quickly to get more customers in existing markets and grow through mergers and acquisitions. It will also help Flutterwave make new products and come up with new ideas for its products and services.

Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said:

Our story is that of resilience and hard work. Our growth so far is due to the support of our customers, our partners, the banks, the public, the regulators, and importantly our people. The Central Bank of Nigeria, under the leadership of Dr. Godwin Emefiele, laid the vision of a transformational Payment System in Nigeria, provided the framework for innovation in this space, and has continued to create regulations that have enabled us to grow and thrive. We are grateful to them and to all the other Central Banks in all the countries where we operate.

We set out to build a platform that simplifies payments for everyone and today, our solutions are used across the globe to connect Africans to the world and the world to Africans. We are delighted that investors believe in us and our story and are committing their resources to this belief. This latest funding demonstrates the conviction of some of the world’s leading investors in both our business model, team and the Africa technology market. It gives Flutterwave the much-needed support to deliver on our plans to provide the best experience for our merchants and customers around the world.

We are one step closer to enabling endless possibilities for all at @theflutterwave. Today, we announce one of our biggest milestones ever – our $250M Series D funding led by B Capital Group. https://t.co/039TltTTCy pic.twitter.com/tMpI8Vwum3

— GB ? (@TechProd_Arch) February 16, 2022

Join us on Friday at Flutterwave 3.0, our flagship event to kick off the year properly where we'll share more on what to expect from us, and some of the amazing work the team has been up to on our products. https://t.co/JBDmimc6o3

— GB ? (@TechProd_Arch) February 16, 2022

Flutterwave, according to Matt Levinson, Partner at B Capital, has a unique chance to do this as the leading payments infrastructure provider throughout Africa.

“In addition to their emergence as the leading enterprise payments processor for the continent, Flutterwave is innovating at breakneck speed with novel fintech solutions for large corporates, SMEs and consumers. I’ve had the pleasure of backing this world-class team since 2017 and couldn’t be more thrilled that B Capital is leading their Series D.

“Flutterwave may ultimately build one of the most consequential fintech businesses in the world, enabling hundreds of thousands of merchants to transact online and connect Africa to the global economy.”

See reactions on Twitter:

Flutterwave’s growth is really inspiring

— Dotsa. (@Dotsa_) February 16, 2022

Flutterwave, securing the bag the heavy way. ???

— Deep Pocket aka NFT KING? (@iamOrlunda) February 16, 2022

Flutterwave is a multinational at a level where no Nigerian bank exists. The reason why it is termed a FINTECH is so it could be a global brand. Comparing Nigerian banks is almost impossible except wholesome adjustments are made to the metrics. https://t.co/MhGoYamac9

— Big Chief ?? ?? ?? (@AyodejiFinance) February 16, 2022

Flutterwave is setting the bar to every #Fintech start up! Valuation worth of a company is as important as the revenue margin generated by the said company. Different aspects but ultimately important in each view! #flutterwave https://t.co/Gb3iu4UkpZ

— NONNIE. (@Gathoni_Wanjira) February 16, 2022

I am beyond excited to share that we at Flutterwave have closed on our Series D funding of US $250 million valuing the company at US $3 billion. This would make us the fastest growing payments startup and the first in history to have this valuation across…https://t.co/dCgZUA71E1

— Munya Chiura (@MunyaChiura) February 16, 2022

Flutterwave is interestingly ‘worth’ more than Gtbank & Zenith bank combined together.

Flutterwave was formed in 2016, the owner, GB, was once an employee with gtbank.

This is stupendous .

— Jake (@Hitee_) February 16, 2022

Flutterwave don break African startup twitter o ?

— Babájídé Dúróshọlá (@Babajiide) February 16, 2022

Chess in slums Africa is just like Flutterwave, but for impact ?.

— chessinslums.eth (@Tunde_OD) February 16, 2022

Flutterwave is not hiring dentists??? They don't need???

— Dams. (@Ad3damola) February 16, 2022

Still bonkers, this Flutterwave news!!! Congratulations @TechProd_Arch and team. ??? https://t.co/tjoPKeJECz

— Editi Effiòng (@EditiEffiong) February 16, 2022

Someone said Flutterwave has won the fintech war, and now somehow we’re all resigned to reading several reasons why Flutterwave hasn’t won lmao.

I get why these conversations are happening and I know education needs to happen but plis ?

— 10X Tech Bro (@OdunEweniyi) February 16, 2022

Flutterwave is about to buy the hell outta small startups. We're about to witness African M&A on steroid!

— damilare (@Tarykuh) February 16, 2022

If you're a fine babe that works at Flutterwave and you have equity, please send me a message.

I'd like to tell you why you should marry me.

— Mayowa George (@Wana____) February 16, 2022