Africa-focused payment technology company, Flutterwave has raised $170 million in a Series C round. The fresh injection means it can further connect and capitalise on the fast-growing but highly fragmented digital payment landscape in the continent.
With this latest fundraising round, Flutterwave has now reached a value of over $1 billion. The Series C round was led by the US-based investment firms Avenir Growth and Tiger Global. New and existing investors including Capital Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight, Salesforce, Tiger Management, and WorldpayFIS 9yards Capital and DST Global were also participants in the round.
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Flutterwave has now received $225 million in funding throughout its five-year span if you add the latest round. In August 2017, the company raised $10 million in a Series A round and in an extension round in 2018. In January 2020, it also brought in another $35 million in Series B funding.
Flutterwave at the time of its last funding round had processed 100 million transactions valued at over US$5.4 billion. The company operates actively in 11 African countries, including Nigeria, Ghana, Kenya, and South Africa. The money raised in the Series C round will help Flutterwave in its bid to expand into new markets.
“As we look to the future, our focus remains the same which is to stand by our 290,000 merchants across Africa every day as they strive to build their mom-and-pop stores into global businesses. We look forward to increasing our investments across the continent and deepening the impact our platform has on lives and livelihoods as we take more businesses in Africa to the World, and at the same time continue to bring more of the World to Africa,” Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave said in a statement.
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