Nigerian fintech unicorn Flutterwave has seen its valuation shoot to over $3 billion (N1.7 trillion) in just twelve months after it raised a whopping $250m in a Series D round.
This latest $3 billion valuation sees Flutterwave become the highest valued startup in Africa.
Flutterwave had earlier raised $170 million in a Series C round in March 2021 from Tiger Global and Avenir which took its valuation to $1 billion.
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Founded and led by CEO Gbenga Agboola, Flutterwave enables cross-border payments transactions of small to large businesses in Africa via one API.
Speaking after achieving the milestone, Agboola referring to Africa as the “next billion” continent, says the influx of funds into African start-ups shows the continent’s potential is being recognised.
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“People now realise the fact that Africa is ‘the next billion’ continent. People now see the opportunities that Africa brings to the table, [that it could be] the next India,” he said.
“Our average age is 19 to 21: the opportunities here are pretty much endless.”
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Agboola disclosed that the raised funds will be used for expansion into emerging markets like Latin America and those heavily linked with the continent, such as the US, UK.
“Africa does not exist in isolation, These places “are connected to Africa, for example, an African business exporting to the US does not have to go to the US and use somebody else, they can use Flutterwave”
Some of its clients include ride-hailing service Uber, Booking.com, Flywire.