By Victoria Odoemelam Mar, 11, 2021 Private

On Wednesday, Flutterwave, an African-focused payments company revealed that it had amassed $170 million from a leasing group of international investors to grow its customer base in existing international markets and to create new products. This fundraise brings the total investment in the company to $225 million. Flutter wave in a statement said that the COVID-19 pandemic had hastened the transition to digital payments in Africa. Avenir Growth Capital and Tiger Global Management LLC. Jamie Reynolds. A partner at Avenir Growth Capital said, " Flutterwave is at the forefront of innovation in payments technology. We are excited to support the team as they build the last available payments infrastructure frontier in the world - connecting merchants and consumers intra-Africa and globally." 

Flutterwave Inc. is well-known for establishing a digital store that helps SMEs to stay in business especially during the COVID-19 lockdown wave. Over 1000 SMEs across Africa signed up to exhibit and sell their products online using the Flutterwave store. According to Co-Founder and Chief Executive Officer, Olugbenga Agboola, this will help the Nigerian firm with their New York listing consideration. Mr. Agbooka said hinted that the company my either consider the prospects of listing in New York or a double listing in both New York and Nigeria. The firm released a statement that revealed the current valuation of the company to be over $1 billion. On Wednesday, the  10th of March 2021, Olugbenga Agboola, said on social media that Flutterwave aims to, "build a payments technology infrastructure that connects Africa to the global economy by making local and international payments seamless. We knew this would be incredibly difficult but we continued."

Flutterwave Inc. was founded by Nigerians, Olugbenga Agboola, and Iyinoluwa Aboyeji in 2016 and specializes in individual and consumer transfers, providing digital payment services for small businesses in Africa. The fintech group aims to promote and build on the striving African payments majorly driven by increased use of mobile devices and faster internet speeds.

Tags: Flutterwave Inc. New York listing

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