African FinTech Flutterwave has secured $250m in funding as it looks to expand its activities in mergers and acquisitions and grow its customer base.
The funding round is the company’s biggest to date and values the startup at more than $3bn.
The latest funding round was led by investors such as Facebook co-founder Eduardo Saverin’s venture capital firm B Capital Group and Whale Rock Capital Management.
Founded in 2016, Flutterwave is building technology, tools, and infrastructure for businesses and banks who want to provide a more seamless and secure payments experience for their customers.
Flutterwave has to date processed over 200 million transactions valued at over $16bn across 34 countries in Africa.
According to Flutterwave, the new funds will drive its 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.
Flutterwave founder and CEO Olugbenga Agboola said, “It (funding) gives Flutterwave the much-needed support to deliver on our plans to provide the best experience for our merchants and customers around the world.”
In March 2021, Flutterwave raised $170m in a Series C round pushing the company’s valuation to more than $1bn.