Nigerian Payments Firm Flutterwave Raises $170 Million

Nigerian Payments Firm Flutterwave Raises $170 Million

By Bashir Olanrewaju

Nigerian payments company, Flutterwave said it obtained 170 million dollars in new investment funding to enable it expand across Africa.

The founding round was by led by international venture companies  including Avenir Growth Capital and Tiger Global Management and other investors, according to a statement by Flutterwave.

“We look forward to increasing our investments across the continent and deepening the impact our platform has on lives and livelihoods as we take more businesses in Africa to the world,”  Olugbenga Agboola, Flutterwave’s founder and chief executive officer said in the statement.

With the fresh injection of funds, the value of the company, which started operations in 2016, is now estimated to exceed one billion dollars, according to the statement.

Flutterwave, which has enabled payments for companies ranging from airlines, e-commerce retailers, banks and other service providers, plans to execute a growth strategy that will be useful to small- and medium-scale industries as well as multinationals.

In the last four years, the company said it conducted 140 million transactions worth more than nine billion dollars, serving more than 290,000 businesses in 150 currencies.