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Nigeria: Flutterwave Raises $170 Million – Now Valued At Over $1 Billion

nigeria flutterwave raises 170 million now valued at over 1 billion

The Nigerian firm is considering listing in the U.S.

Flutterwave, an Africa-focused payments company, on Wednesday announced that it has secured $170 million from a leading group of international investors to expand its customer base in existing and international markets and to develop new products.

With this, Flutterwave could consider a New York listing, a Reuters report quoted its chief executive officer and co-founder, Olugbenga Agboola, to have said.

“We may consider the possibility of listing in New York or a possible dual listing in New York and Nigeria,” Mr Agboola said.

According to a statement from the firm, the company’s valuation is now in excess of $1 billion.

The fundraise brings the total investment in Flutterwave to $225 million, it said in a statement, and that the COVID-19 pandemic had accelerated the shift to digital payments in Africa.

The report noted that the fundraising round was led by Avenir Growth Capital and Tiger Global Management LLC.

Jamie Reynolds, a partner at Avenir Growth Capital said “Flutterwave is at the forefront of innovation in payments technology.”

“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, ” he said.

Flutterwave which was founded in 2016 by Nigerians, specialises in individual and consumer transfers but is headquartered in San Francisco.

It is a fintech group aiming to facilitate and capitalise on the striving African payments market majorly driven by increased mobile phone use and faster internet speeds.