Flutterwave, one of the leading technology companies in pan-African payments, closed a $250 million Series D funding round, upping the startup’s value to an estimated $3 billion.
The company gave a few hints about how the funding will be allocated to advance Flutterwave’s growth strategy, but more detailed information would be discussed at the virtual Flutterwave 3.0 event., the startup said in a press release emailed to PYMNTS on Wednesday (Feb. 16).
The virtual event is Feb. 18 at 5 p.m. and is open to the public. One major goal Flutterwave did share in the release is that the firm is looking to acquire new companies to grow its customer base in its current markets.
Flutterwave’s latest backers include some of the world’s most respected investors led by B Capital Group, and with participation from Alta Park Capital, Whale Rock Capital and Lux Capital, among others. Several existing investors who participated in previous rounds also followed this round, including Glynn Capital, Avenir Growth, Tiger Global, Green Visor Capital and Salesforce Ventures.
“Our story is that of resilience and hard work. Our growth so far is due to the support of our customers, our partners, the banks, the public, the regulators, and importantly, our people. The Central Bank of Nigeria, under the leadership of Dr. Godwin Emefiele, laid the vision of a transformational Payment System in Nigeria, provided the framework for innovation in this space, and has continued to create regulations that have enabled us to grow and thrive,” said Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave.
“We are grateful to them and to all the other Central Banks in all the countries where we operate. We set out to build a platform that simplifies payments for everyone — and today, our solutions are used across the globe to connect Africans to the world and the world to Africans. This latest funding demonstrates the conviction of some of the world’s leading investors in both our business model, team and the Africa technology market. It gives Flutterwave the much-needed support to deliver on our plans to provide the best experience for our merchants and customers around the world,” he said.