The Nigerian fintech startup Flutterwave recently announced it raised $250 million in a Series D funding round. The latest capital raise, led by B Capital Group, saw the fintech firm’s valuation increase to over $3 billion.
According to a statement on the remittance and payments service provider’s blog, Flutterwave is planning to use the capital raised to drive its “ambitious expansion plan to accelerate customer acquisition in existing markets and growth through M&A.”
In addition, the fast-growing fintech startup said it will use the funds to “develop complementary products while encouraging new innovations in its products and services development.”
Flutterwave’s confirmation of its latest capital raise comes almost twelve months after the fintech startup successfully raised $170 million.
That capital raise resulted in Flutterwave becoming one of the African fintech startups with a valuation exceeding $1 billion. After this latest capital raise, Flutterwave has now raised a total of $475 million since its inception in 2016.
Flutterwave’s Global Backing
In remarks following the latest capital raise, Olugbenga Agboola, founder and CEO of Flutterwave, explains the company’s journey and how prominent international investors are attracted to the startup. Quoted in the blog post, he said:
“We set out to build a platform that simplifies payments for everyone and today, our solutions are used across the globe to connect Africans to the world and the world to Africans … This latest funding demonstrates the conviction of some of the world’s leading investors in both our business model, team and the Africa technology market.”
For his part, David Glynn, the managing partner of Glynn Capital, said his firm was looking forward “to supporting the company [Flutterwave] as it addresses its significant growth opportunity in the years ahead.”
Besides B Capital Group, which led the funding round, Glynn Capital, an investor in Flutterwave since 2017, also participated. Other participants included Alta Park Capital, Whale Rock Capital, and Lux Capital.
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