African FinTech startup Flutterwave has raised $170 million in a Series C funding round, bringing its total fundraise to $225 million since its launch five years ago.
The payments platform is part of a small group of African FinTech startups that managed to attract major funding opportunities despite economic disruption and uncertainty. This latest round for Flutterwave was led by Avenir Growth Capital and Tiger Global Management.
Olugbenga “GB” Agboola, founder and chief executive officer of Flutterwave, said that the African payments ecosystem “was highly fragmented” when he launched the company in 2016. The company’s mission was to develop a streamlined pan-African platform that “simplified payments for everyone.”
The funding will help Flutterwave advance its goal of connecting Africa’s splintered financial ecosystem and become the region’s foremost global payments firm, according to the release. Flutterwave will also use the funding to grow its customer base and create innovative complementary new products. The company recently introduced the Flutterwave mobile app to expand eCommerce activity that stems from Flutterwave Stores.
Flutterwave is available in more than 33 African countries, including Nigeria, Uganda, Kenya and South Africa.
The fresh funds come at a time when the Silicon Valley-based startup is mulling going public with a dual listing, Reuters reported. The Series C round follows Flutterwave’s plans last year to team up with Visa and Worldpay.
“We may consider the possibility of listing in New York or a possible dual listing in New York and Nigeria,” Agboola told Reuters.
Flutterwave introduced a portal last year called the Flutterwave Store to help African merchants open digital storefronts. Following a $35 million funding round in April 2020, the company said it was focusing its efforts on streamlining payments for African merchants.
The company is the African payments provider for WorldPay’s clients after partnering with the company last year. Worldplay said at the time that it teamed with Flutterwave to tap Africa’s growing payments market and help Flutterwave expand.