Home Africa Nigerian Fintech Company is valued at USD 1 billion

Nigerian Fintech Company is valued at USD 1 billion

by Alhassan Lamin
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After raising USD 170 million in Series C round Flutterwave a fintech company founded in Nigeria is now valued at $1 billion.

“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,” said the company in a statement

“Flutterwave will invest the new capital to accelerate customer acquisition in existing and international markets, as well as develop complementary and innovative products such as the newly launched Flutterwave Mobile, an app to help accelerate e-commerce growth as a result of the success of the Flutterwave Stores.”

Flutterwave is a payments technology company that provides digital payment solutions to businesses in Africa via their application programming interface (API). According to the company, they had processed over 140 million transactions that worth over USD 9 billion to date and served more than 290,000 businesses including customers like Uber, Flywire, and Booking.com. 

The company was founded in 2016 and has offices in Lagos and San Francisco in the United States. The fintech company has an infrastructure reach in over 33 African countries, including Nigeria, Uganda, Kenya, and South Africa, and is considered to be valued at more than USD 1 billion. The company processes international payment in 150 currencies and multiple payment modes including local and international cards, mobile wallets, and bank transfers. 

The company has earlier raised USD 35 million in B series and USD 20 million in Series A in 2018. The company has now raised about USD 225 since its foundation. 

The funding was provided by U.S.-based growth-equity firms Avenir Growth Capital and Tiger Global Management LLC

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