Nigerian paytech Flutterwave has raised $250 million in a Series D funding round, valuing the company at more than $3 billion.
Flutterwave CEO Olugbenga Agboola
This latest round sees Flutterwave’s valuation more than triple since its last funding round in March last year.
Flutterwave says it has become the highest-valued African start-up with this investment.
The round was led by B Capital and saw participation from Alta Park Capital, Whale Rock Capital and Lux Capital, among others. Several existing investors also participated, including Glynn Capital, Avenir Growth, Tiger Global, Green Visor Capital and Salesforce Ventures.
Flutterwave says the cash will help support its expansion plans, both through boosting its customer numbers and moving into new territories through mergers and acquisitions.
Some of the funds will also be spent on developing new products. Last year, the fintech launched products including an e-commerce platform and a remittance service.
Since its inception in 2016, Flutterwave claims to have processed over 200 million transactions worth more than $16 billion across 34 countries in Africa.
