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Flutterwave raises US$250m in its Series D funding round; hits $3bn valuation

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Lagos-based financial technology company, Flutterwave, has closed its series D funding round, raising US$250m.

The company made the announcement today via a statement on its official blog, adding that it has now attained a valuation of over US$3bn.

The Series D funding round was led by B Capital Group, with participation from investors like Alta Park Capital, Whale Rock Capital, Lux Capital, and a couple others.

The round also had participations from returning investors like Glynn Capital, Avenir Growth, Tiger Global, Green Visor Capital, and Salesforce Ventures.

Speaking on the fundraise, David Glynn, Managing Partner of Glynn Capital, said:

“We believe the digitization of payments globally is one of the largest and most important trends in technology. Having been investors in Flutterwave since 2017, we have had a front row seat in seeing Flutterwave establish itself as a leading payments company in Africa as it drives adoption of seamless digital payments experiences for merchants and consumers alike. We look forward to supporting the company as it addresses its significant growth opportunity in the years ahead.”

Flutterwave, which has its headquarters in San Francisco, had in March, 2021, raised US$170m in its series C funding round, and hitting a valuation of US$1bn. The feat took Flutterwave into the league of African companies that have attained the Unicorn status.

Olugbenga “GB” Agboola, CEO, Flutterwave

With the completion of series D funding, Flutterwave has raised a total of US$475m since the beginning of its fundraising journey. Flutterwave had in the past raised $35m in series B (2020), and $20m in series A (2018).

According to the official statement, Flutterwave would use the newly raised funds to “drive Flutterwave’s ambitious expansion plan to accelerate customer acquisition in existing markets and growth through M&A; and develop complementary products while encouraging new innovations in its products and services development.”

Launched in 2016 by Olugbenga “GB” Agboola, the Africa-focused fintech company facilitates cross-border payments transactions for businesses using its API.

Read also: Remedial Health raises $1 million in pre-seed funding round; to improve access to original pharmaceutical products

In March, 2021, Flutterwave went into partnership with PayPal, allowing customers from around the globe to pay African merchants via Flutterwave’s platform.

The company also appointed Silicon Valley’s Jimmy Ku to strengthen its ambition to expand into the US market.

Currently, Flutterwave prides itself as a company that has completed over 200m transactions worth over US$16B, across 34 African countries. The company currently serves about 900,000 business worldwide.

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