African fintech, Flutterwave, has raised $250 million in a Series D round valuing the tech startup at over billion.
The round was led by investors including:
- Facebook Co-Founder Eduardo Saverin’s venture capital firm, B Capital Group
- Boston-based hedge fund, Whale Rock Capital Management
The latest news comes about 12 months since Flutterwave raised $170 million which saw it become Africa’s first unicorn in the fintech sector.
In total, the startup has reportedly raised $475 million from investors so far.
According to analysts, companies that do continue with Series D funding tend to either do so because they are in search of a final push before an IPO or, alternatively, because they have not yet been able to achieve the goals they set out to accomplish during Series C funding.
Speaking about this latest raise, Olugbenga Agboola, Flutterwave CEO, said:
“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.”
– CEO, Flutterwave
Flutterwave is one of the leading fintech operators to emerge out of Africa by pioneering payments for a new class of companies looking to convert online presence to sales.
The company solves two major problems:
- Facilitating cross-border payments transactions of small to large businesses in Africa via one API
- Helps businesses outside Africa expand their operations on the continent
The second function is an added activity and some of its clients in that respect include Bookings.com, Flywire and Uber.
Flutterwave reportedly has an infrastructure reach across 34 countries on the continent and processes 200 million transactions worth more than $16 billion. This represents significant growth since May 2021 when it said it was processing 140 million transactions worth over $9 billion every year.
Additionally, the number of businesses using the platform has also increased.
In March 2021, it was 290,000 and now, 900,000 businesses globally use Flutterwave to process payments in 150 currencies.
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