Flutterwave, an Africa-focused fintech firm, announced on Wednesday that it has raised $250 million in its single-largest investment round to date, valuing the company at more than $3 billion, as it seeks to expand its existing customer base through mergers and acquisitions.
According to Flutterwave, the current funding round was led by Facebook Inc co-founder Eduardo Saverin’s venture capital firm B Capital Group and Boston-based hedge fund Whale Rock Capital Management.
The San Francisco-based company, which was founded in 2016 in Nigeria, specializes in individual and consumer transfers and is one of several fintech companies attempting to facilitate and profit from Africa’s booming payments market.
“It (the money) provides Flutterwave with much-needed support to carry out our goals to provide the finest experience for our merchants and customers around the world,” said Olugbenga Agboola, founder and CEO.
The completion of the investment round, more than two years after Flutterwave announced a partnership with Visa and Worldpay, illustrates the growing interest in the booming payments business in Africa.
Flutterwave has handled more than 200 million transactions worth over $16 billion across 34 African nations since its start, according to the company, which today serves 900,000 consumers.
“Having been investors in Flutterwave since 2017, we have had a front-row seat in seeing Flutterwave establish itself as a leading payments company in Africa as it drives adoption of seamless digital payments experiences for merchants and consumers alike,” said David Glynn, managing partner of Glynn Capital.
As the potential of a cashless Africa has prompted a hunt for control of its payment platforms, Flutterwave is one of the top African unicorns, businesses valued at more than $1 billion.
