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Corporate deals

DEAL: Flutterwave raises $170 million Series C Round, now valued at $1 billion

Flutterwave has secured $170 million from a leading group of international investors to expand its customer base in existing and international markets.

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Google partners Flutterwave to train 5,000 merchants, How the EndSARS protest fundraise initiated by Flutterwave has gone thus far.

Flutterwave, African-focused payments company has announced that it has closed a $170 million Series C round, valuing the company over $1 billion.

According to Techcrunch, the funding round was led by New York-based private investment firm Avenir Growth Capital and U.S. hedge fund and investment firm Tiger Global. New and existing investors who participated in this round include DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Ventures, Salesforce Ventures, Tiger Management, Worldpay FIS 9yards Capital.

Launched in 2016 by Iyinoluwa Aboyeji and Olugbenga GB Agboola as a Nigerian and U.S.-based payments company with offices in Lagos and San Francisco, Flutterwave helps businesses build customizable payments applications through its APIs.

READ: OPay defies COVID-19, gross transaction value surges 4.5 times to over $2 billion

Last year, the company closed its $35 million Series B and had processed 107 million transactions worth $5.4 billion. These numbers have increased impressively since then. Now, the company has processed over 140 million transactions worth more than $9 billion with an impressive clientele of international companies, including Booking.com, Facebook, Flywire, and Uber.

Flutterwave noted that more than 290,000 businesses use its platform to carry out payments and they can do so in 150 currencies and multiple payment modes including local and international cards, mobile wallets, bank transfers, Barter by Flutterwave.

In a statement made to Reuters by the CEO, he noted that they may consider listing in New York or possible dual listing in New York and Nigeria.

READ: Flutterwave, One pipe, and funding raised by Nigerian Tech startups

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Why this matters

  • This new funding will be used to speed up customer acquisition in its present markets. It will also improve existing product offerings like Barter, where it has over 500,000 users, and introduce new offerings.
  • One of the new offerings is the Flutterwave Mobile. According to the founder, Flutter Mobile will turn merchants’ mobile devices into a point of sale, allowing them to accept payments and make sales.

READ: Fintech: Increasing funding rounds affirms growth opportunities 

What you should know

  • This is coming just a few months after being listed as Ycombinators’ most valuable startup in Africa. Flutterwave joins Interswitch as the only fintech in Nigeria to reach a 1-billion-dollar valuation in less than 10 years making it a Unicorn. Interswitch first became a unicorn after Visa acquired a 20% stake in 2019.
  • Flutterwave has raised $225 million in total and is one of the few African startups to have secured more than $200 million in funding.

Janet John is a graduate of Chemical Engineering from the University of Uyo. She specializes in technical writing where she creates easy to read documentation, articles to clearly and efficiently explain highly complex processes. When she is not writing, she works as a freelance front-end developer

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    Corporate deals

    DEAL: Nigerian fintech software provider, Appzone raises $10m to scale its products and services

    Appzone platforms are used by 18 commercial banks and over 450 microfinance banks in Africa.

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    Appzone a fintech software provider that builds proprietary solutions for financial institutions and their banking and payments services announced that it has closed $10 million in Series A investment.

    The Series A round was led by CardinalStone Capital Advisers, a Lagos-based investment firm. Other investors include V8 Capital, Constant Capital, and Itanna Capital Ventures. New York-based but Africa-focused firm Lateral Investment Partners also participated.

    Founded in 2008 by Emeka Emetarom, Obi Emetarom, and Wale Onawunmi, Appzone functions as an enabler (at payment rails and the core infrastructure) within banking and payments.

    READ: Shola Akinlade: The inspiration behind Paystack’s success

    Appzone platforms are used by 18 commercial banks and over 450 microfinance banks in Africa. Together, they amass a yearly transaction value and yearly loan disbursement of $2 billion and $300million.

    Before now, Appzone closed a $2 million deal from South African Business Connexion (BCX) in 2014. Four years later, it raised $2.5 million in convertible debt and bought back shares from BCX in the process. But overall, the company says it has raised $15 million in equity funding.

    This new funding will be used to scale its products and services and expand across more African countries. The startup also plans to achieve scale by growing its engineering team.

    READ: From Chemist to Bank CEO – The Story of Uzoma Dozie

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    What they are saying

    Yomi Jemibewon, the Co-Founder and Managing Director of Cardinal Stone Capital Advisers, said the firm’s investment in Appzone is further proof of Africa’s potential as the future hub of world-class technology.

    READ: Bill Gates holds far more cash than Nigeria’s foreign reserve

    Appzone is building a disruptive fintech ecosystem that will be the backbone of Africa’s finance industry with products across payments, infrastructure, and software as a service. The impact of Appzone’s work is multifold — the company’s products deepen financial inclusion across the continent whilst providing best-fit and low-cost solutions to financial institutions. Its emphasis on premium talent also helps stem brain drain, rewarding Africa’s best brains with best-in-class employment opportunities.”

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    This decade will be bullish for Nigeria’s tech space – DLM Capital Group

    DLM Capital Group has announced its plans to expand into Nigeria’s million-dollar fintech sector.

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    Leading developmental investment bank, DLM Capital Group has announced its plans to expand into Nigeria’s million-dollar fintech sector, following its acquisition of Links Microfinance Bank.

    The license will give DLM Capital Group the mandate to operate small-scale banking services in Nigeria. This will also allow the launch of its star digital lending brand, Sofri, in the second quarter of this year. The acquisition, combined with the bank’s many fintech efforts already underway, will position it to deliver even more value for corporates and consumers.

    DLM Capital Group’s acquisition of Links MFB represents both an entry into new businesses and complementary enhancements to the institution’s existing subsidiaries.

    READ: Debt Service: Projects that we finance must generate revenue – DMO

    First, this prospect opens new market opportunities for the bank on the African continent.

    Second, the acquisition will enable the institution to exit its ‘legacy bank’ visibility and work more closely with the fintech community to build a ‘challenger bank’ brand that proffers innovative technological solutions for the Nigerian market.

    What they are saying

    The Corporate Communications Manager at DLM Capital Group, Chinwendu Ohakpougwu stated:

    “We are particularly excited about our acquisition of Links MFB and how it enhances the growth trajectory of our business. This highly strategic acquisition represents another significant milestone for us on our journey as a resilient and well-capitalized financial institution with advanced scale and capacity to deliver sustainable and best-in-class financial services within the Nigerian market.

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    We are confident that this decade will be bullish for Nigeria’s tech space and are ready to work with the fintech community in strengthening the solutions necessary to meet consumer needs.”

    READ: Which of these contender groups will produce Nigeria’s biggest bank?

    What you should know

    DLM Capital Group prides itself as a foremost developmental investment bank in Africa and functions as a sole arranger to more than 80% of structured finance transactions in Nigeria, with 100% of all securitization transactions in the market currently.

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