Flutterwave raises $170m at over $1 billion valuation

It’s no longer news, but it’s true that Flutterwave has raised $170m series C.

The Series C round was led by New York-based private investment firm Avenir Growth Capital and US hedge fund and investment firm Tiger Global.

DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Ventures, Salesforce Ventures, Tiger Management, WorldpayFIS 9yards Capital are among the new and existing investors that participated in the round.

Flutterwave CEO, Olugbenga Agboola, who spoke to  Reuters  stated that the company will be looking to either list on the New York Stock Exchange, or perform a dual listing in the US and Nigeria.

Flutterwave however acknowledge that these funds they have raised, they will use it to expand its customer base in existing and international markets and for developing new fintech products.

Flutterwave says it’s now live in 20 African countries, and its payments infrastructure is present in over 33 countries.

CEO Agboola, told Techcrunch that the company grew more than 100% in revenue within the past year and its compound annual growth rate (CAGR) grew by 226% from 2018.

Agboola says his company grew more than 100% in revenue within the past year due to the pandemic without giving specifics on numbers. It also contributed to its compound annual growth rate (CAGR) of 226% from 2018.

Recall that the company raised $20m Series A in 2018, and in 2020 the company announced a $35m Series B. According to recently available data, the company’s Series B round was actually closed at $40m.

The latest round brings Flutterwave’s total disclosed funding to $225m. IF it’s It also comes after the company announced a strategic partnership with Visa and Worldpay.