Flutterwave triples valuation to over $3B

Flutterwave, an African fintech, has secured $250 million in a Series D round, bringing its worth to almost $3 billion in just twelve months.

The San Francisco-based and Lagos-based startup raised $170 million in a Series C investment from Tiger Global and Avenir in March 2021, valuing the company at $1 billion. Flutterwave has raised a total of $475 million since its founding six years ago (it raised a $35 million Series B in 2020 and a $20 million Series A in 2018), confirming a Bloomberg scoop from October.

Flutterwave has surpassed the $2 billion valuation reached by SoftBank-backed fintech OPay and FTX-backed cross-border payments platform Chipper Cash last year to become the most valuable African firm at $3 billion.

Flutterwave, led by creator and CEO Olugbenga “GB” Agboola, uses a single API to simplify cross-border financial transactions between small and large firms in Africa. The firm also assists companies from outside Africa in expanding their operations on the continent. Booking.com, Flywire, and Uber are some of its foreign clientele.