Pan-African payments technology company, Flutterwave, has raised $250 million in series D funding, which puts the company at a valuation of over $3 billion, as it continues to redefine the way Africans transact on the continent and around the world. For many startups, becoming a unicorn appears to be a tall order that never materialises, but for Flutterwave, it only took five years to achieve unicorn status and another year to triple valuation. The recent fundraising round led by B Capital Group, a US private equity firm, got Flutterwave its reaffirmation as a top-level valuabe company. Some of the world's most prestigious investors, including Altak Park Capital, Whake Rock Capital, and Lux Capital, amongst others, were the latest supporters in the funding round. Glynn Capital, Avenir Growth, Tiger Global, Green Visor Capital, and Salesforce Ventures, among others, were among the existing investors who participated in prior rounds.
Flutterwave, an African payments technology processor, has secured US$250mn in Series D funding at a valuation of US$3bn. The new funds will drive Flutterwave's expansion plan to accelerate customer acquisition in existing markets and growth through M&A; and develop complementary products while encouraging new innovations in its products and services development. At US$3bn, Flutterwave is currently the highest valued African startup, surpassing the US$2bn valuation set by SoftBank-backed fintech OPay and FTX-backed cross-border payments platform Chipper Cash last year. The round was led by B Capital Group, with participation from Alta Park Capital, Whale Rock Capital, Lux Capital, and a number of existing investors. Since being founded by entrepreneur Olugbenga Agboola in 2016, the Flutterwave team has been on a mission to create endless possibilities for customers and businesses in Africa and the emerging markets.
Flutterwave Inc., an Africa and emerging markets-focused payments firm, more than tripled its valuation in less than a year to over $3 billion following its latest fund-raising. B Capital Group led the $250 million round, with participation from Alta Park Capital LP, Whale Rock Capital and Lux Capital, Flutterwave said in an emailed statement on Wednesday. The investment has enabled the company to become the "highest valued" African startup, it said. The company will use the funds to expand through mergers and acquisitions in Africa and the Middle East in the coming months, said Co-founder and Chief Executive Officer Olugbenga Agboola. "We are thinking Egypt or Morocco" and could consider an initial public offering in the medium to short-term, Agboola said in an interview, without giving further details.
Canal would not disclose the acquisition price, but confirmed there was a cash component of the deal. Founded by Jason Njoku in 2010 -- and backed by $45 million in VC -- IROKOtv boasts the world's largest online catalog of Nollywood: a Nigerian movie genre that has become Africa's de facto film industry and one of the largest globally (by production volume). Based in Lagos, ROK film studios was incubated to create original content for IROKOtv, which can be accessed digitally anywhere in the world. ROK studio founder and producer Mary Njoku will stay on as director general under the Canal acquisition. With the ROK deal, Canal looks to bring the Nollywood production ethos to other African countries and regions.
The Stellar Development Foundation (SDF) announced that Flutterwave, a global payments technology company, has launched two new remittance corridors between Europe and Africa on the Stellar network. Working with TEMPO, Flutterwave is leveraging the Stellar network and Stellar USDC to simplify remittances in Africa. Opening these new corridors will greatly benefit businesses focused on building more efficient, cost-effective remittance services, contributing to a stronger, more inclusive Pan-African digital payments infrastructure. Flutterwave plans to extend Stellar-based capabilities to additional African countries as it continues to grow the number of currencies it supports. "It is more expensive to send money to sub-Saharan Africa than to any other region in the world," said Olugbenga Agboola, CEO at Flutterwave.