African fintech Flutterwave has raised $250 million in a Series D round that tripled the company’s valuation to over $3 billion in only twelve months.
Flutterwave has grown significantly since Shoppe Black interviewed founder and CEO, “GB “Agboola, last year.
“We started Flutterwave due to the fragmented nature of payments in Africa— there were multiple ways of making and receiving payments within countries but cross-border payments remained a hassle. This made it difficult for individuals like myself or businesses to make or receive international payments in Africa”, said Agboola.
Today, the company supports international payments for over 34 countries and processes payments across 150 currencies. In September 2021, the number of businesses using Flutterwave was 300,000. Now, 900,000 companies use Flutterwave to receive money from their customers.
B Capital Group led the $250 million round, with participation from Alta Park Capital LP, Whale Rock Capital and Lux Capital. Several existing investors who participated in previous rounds also followed this round, including Glynn Capital, Avenir Growth, Tiger Global, Green Visor Capital and Salesforce Ventures.
The company will use the funds to expand through mergers and acquisitions in Africa and the Middle East in the coming months.
Flutterwave currently facilitates cross-border transactions in multiple currencies for Uber, Netflix, and Microsoft on their expansion across Africa. And, have started talking to many other US-based merchants that have growth ambitions across the continent.