Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,799,701 members, 6,691,059 topics. Date: Tuesday, 25 January 2022 at 09:20 AM

Flutterwave Raises $170 Million, now Valued at Over $1 Billion - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Flutterwave Raises $170 Million, now Valued at Over $1 Billion (22749 Views)

Nigerian Fintech Firm Flutterwave Raises $35M / Flutterwave Is Y Combinator’s Most valuable African Comp, Valued At $150M / Jumia Now Valued At Least Usd1billion (2) (3) (4)

(1) (2) (3) (4) (5) (6) (Reply) (Go Down)

Flutterwave Raises $170 Million, now Valued at Over $1 Billion by LegendHero(m): 1:38am On Mar 10, 2021
The proliferation of fintech services across Africa remains in full swing as investors remain bullish about the opportunities that abound in the sector.

Today we behold another unicorn: African payments company Flutterwave announced that it has closed $170 million, valuing the company over $1 billion.

New York-based private investment firm Avenir Growth Capital and U.S. hedge fund and investment firm Tiger Global led the Series C round. 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 9yards Capital.

The Series C round comes a year after Flutterwave closed its $35 million Series B and $20 million Series A in 2018. In total, Flutterwave has raised $225 million and is one of the few African startups to have secured more than $200 million in funding.

Launched in 2016 as a Nigerian and U.S.-based payments company with offices in Lagos and San Francisco, Flutterwave helps businesses build customizable payments applications through its APIs.

When the company raised its Series B, we reported that Flutterwave had processed 107 million transactions worth $5.4 billion. Right now, those numbers have increased to over 140 million transactions worth more than $9 billion. The company, which also helps businesses outside Africa to expand their operations on the continent, has an impressive clientele of international companies, including Booking.com, Facebook, Flywire and Uber.

Flutterwave says more than 290,000 businesses use its platform to carry out payments. And according to the company’s statement, they can do so “in 150 currencies and multiple payment modes including local and international cards, mobile wallets, bank transfers, Barter by Flutterwave.”

While its website shows an active presence in 11 African countries, Flutterwave CEO Olugbenga Agboola, also known as GB, told TechCrunch the company is live in 20 African countries with an infrastructure reach in over 33 countries on the continent.

Agboola says his company grew more than 100% in revenue within the past year due to the pandemic without giving specifics on numbers. It also contributed to its compound annual growth rate (CAGR) of 226% from 2018.

According to the CEO, this growth resulted from an increase in activities in “COVID beneficiary sectors” — a term used by Flutterwave to describe sectors positively impacted by the pandemic. They include streaming, gaming, remittance and e-commerce, among others. Agboola adds that the company plans to ride on these sectors’ growth and continue in that trajectory.

https://techcrunch.com/2021/03/09/african-payments-company-flutterwave-raises-170m-now-valued-at-over-1b/

50 Likes 2 Shares

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by stonemasonn: 1:41am On Mar 10, 2021
[quote author=LegendHero post=99754905][/quote]I pray it remains profitable.
Best of luck.

10 Likes

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by LegendHero(m): 1:47am On Mar 10, 2021
This makes it 3 Nigerian owned Startups that are valued over $1billion in 2021.

$3B — Calendly owned by Tope Awotona


$1B — Cityblock founded by Dr. Toyin Ajayi


$1B —Flutterwave founded by Olugbenga Agboola

155 Likes 4 Shares

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by courage89(m): 2:09am On Mar 10, 2021
Nice. Congrats

5 Likes

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by DenreleDave(m): 2:25am On Mar 10, 2021
LegendHero:
This makes it 3 Nigerian owned Startups that are valued over $1billion in 2021.

$3B — Calendly owned by Tope Awotona


$1B — Cityblock founded by Dr. Toyin Ajayi


$1B —Flutterwave founded by Olugbenga Agboola



As a benue man, in my next life, I will be a yoruba man....


Chaiiiiiiiiii yorubas are too much

Lalasticlala seun Mynd44

167 Likes 3 Shares

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by Karlovych: 2:38am On Mar 10, 2021
embarassed embarassed I just hope that Mamadou Bouhari and Amadou Tinoubou won't frustrate them into oblivion like they did with a lot of companies.

13 Likes

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by SaintBeehot(m): 3:49am On Mar 10, 2021
I'm proud of my lineage and heritage.

53 Likes 2 Shares

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by Alejobs: 3:49am On Mar 10, 2021
The hardwork and investment over the years is surely paying off. What is the limiting factor disturbing you from making the next big app. Is it power? Why dont you take a look at our mobile power solution, capable of giving you longer run time on your pc. Get in touch and the redundancy will be out. MPS to the rescue!

6 Likes

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by DrLazCommenting: 3:51am On Mar 10, 2021
Another area for buhari and his blockheads to ban loading.....

11 Likes

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by femmyapson(m): 3:51am On Mar 10, 2021
God bless you guys more

8 Likes 1 Share

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by NiceMen: 3:51am On Mar 10, 2021
Karlovych:
embarassed embarassed I just hope that Mamadou Bouhari and Amadou Tinoubou won't frustrate them into oblivion like they did with a lot of companies.
You just said what I was about to type. I initially just wanted to read but then, APC/Buhari regime are so evil, dream killers. I hate those guys with every fiber of my being!

14 Likes

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by Emrixx(f): 3:51am On Mar 10, 2021
Nice achievement

2 Likes

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by NiceMen: 3:52am On Mar 10, 2021
I am Igbo but man, the Yorubas run the Nigerian digital tech ecosystem in Nigeria seamlessly. Kudos!

143 Likes 8 Shares

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by gistray: 3:55am On Mar 10, 2021
My flatheadd is paining me... Which medicine should I take.


Ipobicine didn't work

28 Likes 1 Share

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by Auntyada89(f): 3:59am On Mar 10, 2021
Nigerians are creative and intelligent people, but her Government is nothing to write home about. I will always commend the youth. Most especially Southern Youths.




BUYING......


~Skrill
~Neteller
~Perfect Money
~Payoneer
~Cashapp
~Zelle
~Simple
~ Gofund
- Greendots

Legitimate and Instant Funding!

15 Likes

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by SmartPolician: 4:02am On Mar 10, 2021
LegendHero:
This makes it 3 Nigerian owned Startups that are valued over $1billion in 2021.

$3B — Calendly owned by Tope Awotona


$1B — Cityblock founded by Dr. Toyin Ajayi


$1B —Flutterwave founded by Olugbenga Agboola


Sure, there are lots of Yoruba guys in Fintech, including PayStack.

However, I just hope you are doing something meaningful with your life because the way you promote Bola Tinubu's 2023 agenda should make someone wonder what you plan to achieve in life.

Work hard so that the world will recognize and celebrate you like the rest of the names who made your list.

43 Likes 3 Shares

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by LegendHero(m): 4:02am On Mar 10, 2021
SmartPolician:


Sure, there are lots of Yoruba guys in Fintech, including PayStack.

However, I just hope you are doing something meaningful with your life because the way you promote Bola Tinubu's 2023 agenda should make someone wonder what your plan to achieve in life. Work hard so that the world will recognize and celebrate you.

Firstly, I think you should rather bother about your own life and stop worrying about Legendhero or what become of my life.

Secondly, I respect Tinubu and I don’t think what anyone says on Nairaland matter to change my conviction as a grown up man. So wailing is allowed.

73 Likes 3 Shares

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by CodeTemplar: 4:04am On Mar 10, 2021
NL tribal warlords will feast on this like Wakili and his cows does Oyo farmer crops.
What exactly do they offer in their operation?

1 Like

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by pointstores(m): 4:06am On Mar 10, 2021
Wow
Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by StagethemTVee: 4:07am On Mar 10, 2021
IT is da shiznit
Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by olukunle50: 4:07am On Mar 10, 2021
i hope Buhari/APC wont wake up one day and find all dis tech company as threat to him and his clueless govt.

3 Likes

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by CodeTemplar: 4:09am On Mar 10, 2021
DrLazCommenting:
Another area for buhari and his blockheads to ban loading.....
Lol.
They be like, startup is the cause of yahoo and fraud, let us ban startups and make them start from down with trademoni.

12 Likes 2 Shares

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by BSdetector: 4:09am On Mar 10, 2021
Congrats to these Yoruba techbros...stay low key and keep your money above the reach of the mob.

17 Likes 1 Share

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by BSdetector: 4:18am On Mar 10, 2021
olukunle50:
i hope Buhari/APC wont wake up one day and find all dis tech company as threat to him and his clueless govt.

If you're a nigerian tech company and you don't have a hausa/fulani lobbyist in Abuja you're simply wasting your time.... it's only a matter of time that those vultures come at you.

4 Likes 1 Share

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by Dyonne: 4:19am On Mar 10, 2021
Beautiful
Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by mike8804: 4:26am On Mar 10, 2021
I take these kind of silent achievers as my mentors. In other news this what we call business not 2by2 shops owners claiming billionaires. We have countless Yoruba silent billionaires but you will never hear them making noise like our brothers from the east....that's what will call omo oluwa bi(odu to bi iwa)

50 Likes 2 Shares

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by tiamiyukunle69(m): 4:32am On Mar 10, 2021
There's a lot of money in the fintech space...it only takes innovation, consistency and patience. Na this kind news I dey love to read. cheesy grin

19 Likes 1 Share

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by Bvlgari: 4:33am On Mar 10, 2021
Nice
Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by JOACHINpedro: 4:33am On Mar 10, 2021
Yorubas una too much abeg

20 Likes

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by SimplePlan34: 4:40am On Mar 10, 2021
Nice one

1 Like

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by maxell(f): 4:40am On Mar 10, 2021
Great news.

God bless the yorubas.

God bless Southern Nigerians. wink

24 Likes 1 Share

Re: Flutterwave Raises $170 Million, now Valued at Over $1 Billion by maxell(f): 4:50am On Mar 10, 2021
mike8804:
I take these kind of silent achievers as my mentors. In other news this what we call business not 2by2 shops owners claiming billionaires. We have countless Yoruba silent billionaires but you will never hear them making noise like our brothers from the east....that's what will call omo oluwa bi(odu to bi iwa)

Very True


There are lots and lots of yorubas that are multi millionaires (in US $), but they don't broadcast themselves all over the place.

21 Likes 1 Share

(1) (2) (3) (4) (5) (6) (Reply)

FG Takes Ownership Of Funds In Bank Accounts Not Linked To BVNs / Sade Okoya Praises 78 Year Old Billionaire Husband, Advises Ladies / Youth Farmers Launch World Press Conference Against Aliko Dangote And Company

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2022 Oluwaseun Osewa. All rights reserved. See How To Advertise. 289
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.