Flutterwave Raises $250M at Valuation of $3B to Become Nigeria’s Largest Financial Institution

Published on February 22, 2022

It is now official: Flutterwave is the largest financial institution in Nigeria. Yes, its valuation is bigger than any bank in Nigeria by at least a billion dollars. Just this weekend, in Tekedia, I dropped this potential $3 billion number, as I discussed innovation, and creating a new basis of competition in markets.

Yes, this morning, Flutterwave announced that it has secured $250m in Series D funding led by B Capital Group, resulting in a valuation of over $3bn. I left a message on WhatsApp to CEO Olugbenga ‘GB’ Agboola with “Your continent salutes you…Nations rise when great entrepreneurs emerge. Thank you for changing your nation and continent.”

In the past five years, Flutterwave has been on a mission to create endless possibilities for customers and businesses in Africa and the emerging markets. To date, the company has served over 900,000 businesses, processed over 200M transactions worth over USD $16B across 34 countries in Africa. With the Series D funding, Flutterwave will accelerate customer acquisition and growth through M&A as well as develop complementary products.

The next destination: ringing the bell by next year in New York. This type of ascension will become common because 9 new unicorns are joining by Dec 2023 in Africa. Yes, the digitization of Africa’s economies will be decades-long.

==Press Release======

Flutterwave, a leading technology company, announced today that it has raised USD $250 million in Series D funding, valuing the company at over $3 billion as the brand continues to transform the way Africans transact on the continent and worldwide

Flutterwave has become the highest valued African start-up with this investment. It is a validation of African talent, innovation and its young inspiring people. It is also a huge endorsement in the growth of the business, innovation and technology landscape in Africa.

Flutterwave’s latest backers include some of the world’s most respected investors led by B Capital Group, and with participation from Alta Park Capital, Whale Rock Capital, Lux Capital, among others. Several existing investors who also participated in previous rounds also followed this round, including, Glynn Capital, Avenir Growth, Tiger Global, Green Visor Capital and Salesforce Ventures. The new funds will drive Flutterwave’s ambitious expansion plan to accelerate customer acquisition in existing markets and growth through M&A, and develop complementary products while encouraging new innovations in its products and services development.  The Company will share more details during the Flutterwave 3.0 event.

Since its inception in 2016, the Flutterwave team has been on a mission to create endless possibilities for customers and businesses in Africa and the emerging markets. The Series D fundraise comes on the back of an impressive run of five years in which Flutterwave has processed over 200M transactions worth over USD $16B to date across 34 countries in Africa. It also follows a year of rapid growth for the brand which now serves over 900,000 businesses across the globe.

In 2021, Flutterwave launched a range of new products including Flutterwave Market for merchants to sell their goods via an online marketplace and, most recently, Send, a remittance service that empowers customers to seamlessly send money to recipients to and from Africa. Flutterwave has also partnered with leading global and pan-African technology and telecommunication companies such as PayPal, MTN, Airtel Africa to drive financial inclusion on the continent and create endless possibilities for customers who can build customisable payment applications through its APIs.

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.”

Matt Levinson, Partner at B Capital said, “At B Capital, we seek to back generational companies with broad platform potential. Flutterwave has a unique opportunity to accomplish this as the dominant payments infrastructure provider across 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 business in the world, enabling hundreds of thousands of merchants to transact online and connect Africa to the global economy.”

David Glynn, Managing Partner of Glynn Capital, said: “We believe the digitization of payments globally is one of the largest and most important trends in technology. Having been investors in Flutterwave since 2017, we have had a front row seat in seeing Flutterwave establish itself as a leading payments company in Africa as it drives adoption of seamless digital payments experiences for merchants and consumers alike. We look forward to supporting the company as it addresses its significant growth opportunity in the years ahead.”

This latest fundraising has seen Flutterwave’s valuation more than triple since its last funding round in March last year when it became one of Africa’s fastest-growing Unicorn.


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Ndubuisi Ekekwe

Ndubuisi Ekekwe

Ndubuisi Ekekwe, PhD, Chairman of FASMICRO Group, is the Lead Faculty in Tekedia Mini-MBA. He writes regularly in the Harvard Business Review. Email: [email protected]

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