Nigerian Fintech Flutterwave closes $250 million in Series D, market value more than $3 billion

Africa’s leading financial technology service, Flutterwave, has closed $250 million in Series D funding, pushing its valuation to $3 billion. The brand plans to continue transforming the way Africans transact both in the continent and with the rest of the world.

The round was led by B Capital, with participation from other respected investors including Alta Park, Whale Rock Capital, Lux Capital, among others. Some existing investors also participated in the round. They include Glynn Capital, Avenir Growth, Tiger Global, Green Visor Capital, and Salesforce Ventures.

“Flutterwave has become the highest valued African startup with this investment," the startup said on its website. "It is a validation of African talent, innovation, and its young inspiring people. It is also a huge endorsement in the growth of the business, innovation, and technology landscape in Africa."

The startup said that the new funds will drive its expansion plan to boost customer equation in current markets and growth through M&A. Flutterwave also plans to develop complementary products as it encourages innovations in its products and services. More details of the company's plans will be shared at the upcoming virtual event, the Flutterwave 3.0, slated for February 18, according to the company.

Founded in 2016, Flutterwave has been on a mission to create better transaction experiences for Africans, for both customers and businesses in emerging markets. “The Series D fundraise comes on the back of an impressive run of five years in which Flutterwave has processed over 200M transactions worth over USD 16B to date across 34 countries in Africa," the company website stated. The startup also saw massive growth in the past year, serving over 900,000 businesses across the globe.

Flutterwave has partnered with leading pan-African and global technology and telecommunication companies such as MTN, Airtel, PayPal, among others to drive financial inclusion on the continent and to also create endless possibilities for African customers who can build payment applications through Flutterwave’s APIs.

Last year, Flutterwave expanded its services by launching a range of new products including Send, a remittance service that allows customers to easily send money to and from Africa; Flutterwave Market, an online marketplace for merchants to sell their goods.