Flutterwave secures $170Mn; aims to boost Africa’s FinTech ecosystem

Nigeria-based FinTech firm, Flutterwave has recently made it to the headlines following its announcement of raising USD 170 million in Series C Funding round led by Tiger Global Management and Avenir Growth Capital. This new funding has now brought in the total fundraise of the company to USD 225 million ever since its launch five years ago.

Reports have it that the latest funding would help the company move forward in its goal of connecting Africa’s disoriented financial ecosystem while also looking forward to emerging as a regional leader as global payments firm.

Moreover, the company is likely to make use of these funds to expand its customer base along with creating complementary new and advanced products. Recently, the company had launched the Flutterwave mobile application to expand its eCommerce activity that comes from Flutterwave Stores.

On top of that, the Series C Funding round for the company follows its plan of teaming up with Worldpay and Visa. It would be essential to mention that Flutterwave currently stands to be the payment provider for Worldpay’s customers after establishing alliance with the company the previous year.

Moreover, through this partnership, the latter company is seeking to tap into the region’s thriving payments market alongside Flutterwave.

Founder and CEO of Flutterwave, Olugbenga ‘GB’ Agboola, while speaking on the latest fund raising series, cited that the African payments ecosystem was highly scrappy when the company was launched in 2016.

Since then, the firm has been seeking to develop a rationalized pan-African platform that looks towards simplifying payments for everyone. He added that the company is considering the possibility of listing in New York or a possible dual listing in Nigeria and New York.

For the record, the African FinTech startup had in 2020 launched a portal- Flutterwave Store- to support African merchants open digital storefronts.

Source Credit: https://www.pymnts.com/news/investment-tracker/2021/nigerias-flutterwave-raises-170-million-on-1-billion-valuation/