Flutterwave Targets $3 Billion Valuation In New Funding Round

Nigerian fintech startup, Flutterwave, is making plans to obtain new funding at a valuation of $3 billion or more.

If secured, the funds would triple the company’s valuation, which currently stands at over $1 billion.

Flutterwave is a financial technology company that provides a payment infrastructure for global merchants and payment service providers across Africa.

Flutterwave recently held discussions with potential investors although terms of the funding round are yet to be finalized, and could possibly change, reports Bloomberg.

The company was established by Olugbenga Agboola and Iyinoluwa Aboyeji in 2016 and has its headquarters in San Francisco, while it has operations in Nigeria, Ghana, South Africa, Kenya, and seven other African countries.

After securing funding of $170 million in March 2021, the company is currently worth over $1 billion.

That same month, the startup said it had processed more than 140 million transactions worth over $9 billion in aggregate and that its revenue had risen at a compound annual growth rate of 225% between 2018 and 2020.