Nigerian tech startup Flutterwave secures $250 million funding round led by Tiger Global

Nigerian fintech startup Flutterwave raised $250 million in a Series D funding round announced on February 16, 2022, led by B Capital Group. According to company statements, the funding, which valued Flutterwave at over $3 billion, will support expansion, customer acquisition, and potential acquisitions or investments.

The Series D funding round, announced on February 16, 2022, was led by B Capital Group, with new investors including Alta Park Capital, Whale Rock Capital, and Lux Capital participating, according to Flutterwave’s press release and reports from Bloomberg and TechCrunch. Existing investors such as Avenir Growth, Tiger Global, Glynn Capital, Green Visor, and Salesforce Ventures also took part in the round, as confirmed by multiple sources.

The $250 million injection valued Flutterwave at over $3 billion, more than tripling its valuation since its $1 billion Series C round in March 2021, records show.

Flutterwave officials stated the new funds would be used to support expansion efforts, customer acquisition, and potential acquisitions or investments. Quartz reported the company had already been pursuing growth through previous acquisitions and investments, and the fresh capital is expected to help accelerate those initiatives. The startup also said it planned to develop products aimed at increasing the value of its payments business.

Founded in 2016 by Iyinoluwa Aboyeji and Olugbenga Agboola, Flutterwave is a payments technology company headquartered in San Francisco with major operations in Lagos, Nigeria, according to TechCrunch. The company serves merchants across Africa and global markets by enabling cross-border payments. Its platform supports transactions in 34 African countries and 150 currencies, according to Shoppe Black, and has processed over 200 million transactions worth more than $16 billion, company statements indicate. Flutterwave reported serving more than 900,000 businesses worldwide.

The funding round positioned Flutterwave as Africa’s highest-valued startup at the time, according to the company’s announcement. This milestone comes amid a period of heightened investor risk appetite despite volatility in public markets, Bloomberg and TechCrunch noted. Since its inception, Flutterwave has raised approximately $475 million in total funding, with the Series D round representing the largest single investment to date.

Flutterwave’s growth trajectory reflects its expanding footprint and ambition to become a leading payments infrastructure provider on the continent. The company’s business model focuses on facilitating seamless payment acceptance and movement of money across borders for merchants. Its ability to attract repeat investment from major global venture firms underscores confidence in its market position and growth potential, sources said.

The company’s statements and third-party reports confirm that the latest funding will enable continued development of its payments platform and expansion into new markets. The strategic use of proceeds includes increasing customer acquisition efforts and exploring acquisitions or investments that complement its existing services. This approach aligns with Flutterwave’s broader goal of building an integrated payments ecosystem for African businesses and beyond.

The Series D round follows a $170 million Series C funding round completed in March 2021, which was a significant step in Flutterwave’s rapid valuation increase. The company’s official communications and media coverage from Bloomberg, TechCrunch, and Quartz provide the most detailed accounts of the funding details, investor lineup, and intended use of proceeds. As of February 2022, Flutterwave’s funding history and operational scale position it as a leading player in Africa’s fintech sector.