With Fresh $250m Inflow, Flutterwave Becomes Africa’s Most Valuable Startup

Flutterwave, Nigeria’s biggest fintech startup has raised an additional $250m in a Series D round, making it the most valuable startup in the African continent.

The company which was founded by Olugbenga Agboola, the Chief Executive Officer in 2016 has seen its valuation triple in just twelve months to $3bn.

The Series D funding led by B Capital Group, the company said in a statement on Wednesday.

Flutterwave has surpassed the $2bn valuation set by fintech OPay and FTX-backed cross-border payments platform.

Agboola’s Flutterwave facilitates payments transactions for global merchants and payment service providers across the continent using Application Programme Interface.

The company has processed 200 million transactions worth more than $16bn.

Flutterwave’s customer base has expanded from 290,000 in March 2021 to 900,000 in 2022.

Last year, the startup attained a $1bn valuation.

In March 2021, Flutterwave announced that it closed a $170m Series C round backed by New York-based private investment firm, Avenir Growth Capital and U.S. hedge fund and investment firm Tiger Global.

Agboola said, “”We are one step closer to enabling endless possibilities for all at @theflutterwave. Today, we announce one of our biggest milestones ever – our $250M Series D funding led by B Capital Group.

“We have always been clear about our goals at Flutterwave, we want to make it easy for a customer in Nairobi to pay a business in Lagos seamlessly. So this achievement is dedicated to the 900,000+ businesses and millions of individuals who trust us and keep us going.”