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African payments company Flutterwave secures $170M new capital, valuing the company at over $1B

African fintech firm Flutterwave has secured $170 million from a group of international investors as part of a successful Series C round.

The round was led by growth-equity firms Avenir Growth Capital and U.S. hedge fund and investment firm Tiger Global management and the new and existing investors.

The Series C round comes a year after Flutterwave closed its $35 million Series B and $20 million Series A in 2018. In total, Flutterwave has raised $225 million and is one of the few African startups to have raised more than $200 million in funding.

Techcrunch reports that more than 290,000 businesses use their platform to carry out payments. And according to the company’s statement, they can do so “in 150 currencies and multiple payment modes including local and international cards, mobile wallets, bank transfers, Barter by Flutterwave.”

While its website shows an active presence in 11 African countries, Flutterwave CEO Olugbenga Agboola, said the company is live in 20 African countries with an infrastructure reach in over 33 countries on the continent. 

Launched in 2016 as a Nigerian and U.S.-based payments company with offices in Lagos and San Francisco, Flutterwave helps businesses build customizable payments applications through its APIs.

Agboola added that “When Flutterwave was founded in 2016, the payments landscape in Africa was highly fragmented so the goal was to build a pan-African platform that simplified payments for everyone. We look forward to increasing our investments across the continent and deepening the impact our platform has on lives and livelihoods as we take more businesses in Africa to the World, and at the same time continue to bring more of the World to Africa.”

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