Nigerian fintech company Flutterwave, made the news yesterday for reaching over $1 billion in valuation, adding the company to the list of African unicorns – Jumia, Interswitch, Fawry. This is a huge achievement as it not only proves the vibrance of Africa’s startup ecosystem, it also demonstrates the prowess of the continent’s fintech industry to attract millions of dollars in investments.
Flutterwave’s unicorn status was crowned by a $170 million Series C round led by New York-based private investment firm Avenir Growth Capital and Tiger Global, a US hedge fund and investment firm, among other participants.
Amid the celebrations, Flutterwave has provided new information about the growth and stance of the company, and we’ve put them together for you in one exciting list. Here are the 4 amazing things you should know about Flutterwave, the new unicorn in Africa.
1. Flutterwave Hit 100% Revenue Growth Due to the COVID-19 Pandemic
According to Flutterwave’s CEO, Olugbenga Agboola, the company grew more than 100% in revenue last year as a result of the COVID-19 pandemic. It also boosted to the company’s compound annual growth rate (CAGR) of 226% from 2018.
Agboola links this massive growth to what he calls “COVID beneficiary sectors”, describing sectors that were positively impacted by the COVID-19 pandemic. They are streaming, gaming, remittance and e-commerce and other internet-based businesses. He adds that Flutterwave will continue to ride on the growth of these sectors.
In addition, Flutterwave’s swift response in launching the Flutterwave Store for merchants during pandemic-induced lockdowns serves over 20,000 merchants across 15 African countries.
2. Flutterwave Serves Over 290,000 Businesses in 20 African Countries
Flutterwave has disclosed that its payment platform serves over 290,000 businesses. According to the company, they provide this service in 150 currencies and with a variety of payment methods, including local and international cards, mobile wallets, bank transfers, and Flutterwave Barter.
Agboola also told TechCrunch that the company is active in 20 African countries and has networks in over 33 countries on the continent.
3. Flutterwave Wants to Become a Global Payments Company
Flutterwave has stated that the Series C investment will help the company achieve its aim of becoming a global Payments company. The funds will be used to drive consumer acquisition in the its current markets. It will also enhance existing products, such as Barter, which has over 500,000 users, as well as add new ones like Flutterwave Mobile, which according to the CEO will transform merchants’ mobile devices into a point of sale, enabling them to accept payments and make sales.
4. Flutterwave’s CEO is a Fan of the CBN Regulations
Flutterwave’s CEO Olugbenga Agboola, appreciates the recent wave of regulations by the Central Bank of Nigeria (CBN) which he believes created a backbone for Flutterwave’s success, applauding the CBN for innovations such as the BVN and NIP. This might come as shock to Nigeria’s startup ecosystem, given the stiff regulations the country’s apex bank has placed on fintechs.
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