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African fintech startup Flutterwave has secured $170-million in funding in a Series C round led by Avenir Growth Capital and Tiger Global Management LLC with participation from new and existing investors.
Fintech startup Flutterwave secures $170-million
The funding will enable the digital payments-focused startup to grow its commitment to empowering SMEs and multinational brands with its innovative service. In addition, the funding will be used to accelerate customer acquisition in international markets and develop new products.
Participating investors include DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Ventures, PayPal, Salesforce Ventures, Tiger Management, WorldpayFIS, and 9yards Capital.
Jamie Reynolds, Partner at Avenir Growth Capital comments on the investment made into the startup.
“Flutterwave is at the forefront of innovation in payments technology, and we are excited to support the team as they build the last available payments infrastructure frontier in the world – connecting merchants and consumers intra-Africa and globally.”
With headquarters in San Francisco and operations across Africa, Flutterwave was founded in 2016 by entrepreneur Olugbenga Agboola.
Flutterwave’s service enables SMEs and its client base to build customisable payment applications via its built API.
The startup claims that is it one of the African companies to have raised a large amount of funding during a period of economic instability as it has raised $225-million in total funding.
The startup has recently launched a new product, Flutterwave Mobile, an app that aims to accelerate eCommerce growth for its clients.
Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave provides insight into the future of the startup.
As we look to the future, our focus remains the same which is to stand by our 290,000 merchants across Africa every day as they strive to build their mom-and-pop stores into global businesses. 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, and at the same time continue to bring more of the World to Africa.”
Featured image: Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave (Supplied).