Nigeria’s Flutterwave acquires Unicorn status, raises $170 million in Series C round
Nigerian digital payments startup, Flutterwave has closed $170 million in its series C funding round and is now valued at over $1 billion. The 5-year old FinTech company successfully secured the largest amount ever by any African tech company during its Series C round led by Avenir Growth Capital and Tiger Global and now joins Interswitch as the only fintech in Nigeria to reach a 1-billion-dollar valuation in less than 10 years making it a Unicorn.
Through its simple API, this Nigerian and US-based payments platform launched in 2016 has made payments more seamless in 20 African countries and now hopes to expand into global markets with its funding.
Flutterwave closed its $20 million Series A and $35 million Series B in 2018. Thanks to the increase in online payments via e-commerce and other activities due to the COVID-19 pandemic, the company was also able to record a 100% increase in revenue within the past year.
This round brings the total investment into Flutterwave at $225 million. Flutterwave’s CEO and co-founder Olugbenga Agboola told Reuters that they may consider the possibility of listing in New York or a possible dual listing in New York and Nigeria