Flutterwave has successfully raised a series C fund of $170M in order to expand to North Africa. Flutterwave is known in the fintech space in Nigeria and this fund has improved the company’s value to $1 billion.
The round was led by growth-equity firms Avenir Growth Capital and Tiger Global. New and existing investors who participated include DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Ventures, PayPal, Salesforce Ventures, Tiger Management, Worldpay FIS, and 9yards Capital.
The Series C round comes after Flutterwave closed its $35 million Series B and $20 million Series A in 2018. Flutterwave was founded by entrepreneurs Iyinoluwa Aboyeji and Olugbenga Agboola in 2016, the company is present in 20 African countries, with a reach of over 33 countries on the continent.
Flutterwave plans to venture into the North African payments space. Already present in up to 20 African countries including Nigeria, Ghana, Kenya, South Africa, Uganda and Tanzania, the company now wants to capture the North African market.
The new funds will allow Flutterwave to execute an ambitious growth strategy to become a leading global payments company, empowering SMEs and multinational brands by connecting the highly fragmented African digital payments landscape.
Flutterwave says more than 290,000 businesses use its platform to carry out payments. Following Paystack’s acquisition by Stripe for more than $200 million last year, there were rumors of Flutterwave taking the same route.
Flutterwave is ready to become a global payments company, and the Series C investment helps to reach that goal.