Nigerian Tech Company Flutterwave Seals $170m Foreign Investment Deal, Now Valued at Over $1bn
Nigerian Fintech company, Flutterwave, has reached a unicorn status after raising $170 million in investment. The company is now valued at over $1 billion, the company confirmed the investment in a video shared on Twitter moments ago.
Africa’s tech ecosystem is on a full speed as foreign investors are racing to take a bite from the ocean of opportunities that abound in the sector. A private investment firm, Avenir Growth Capital and U.S. hedge fund and investment firm Tiger Global led the Flutterwave Series C round.
We are thrilled to share news of our $170 million #SeriesC funding which will be crucial in improving our technology, product, customer support, and expansion drive. pic.twitter.com/NpVwk1AjnA
— Flutterwave (@theflutterwave) March 10, 2021
Other investors who participated in the investment include DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Ventures, PayPal, Salesforce Ventures, Tiger Management, Worldpay FIS 9yards Capital.
In 2018, Flutterwave raised $20 million for its series A round and closed $35 million for its series B. The latest investment brings the total to $225 million since the company launched almost five years ago, making it one of the few African startups to have secured more than #200 million in funding.
Founded in 2016 by Olugbenga Agboola as a Nigerian and U.S.-based payments company, Flutterwave has processed over 140 million transactions worth more than $9 billion and become a major force in Africa’s tech sector.
Flutterwave’s success is coming four months after Paystack, another Nigerian payments firm co-founded by Sola Akinlade, pulled a $200 million acquisition deal with US fintech, Stripe.
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