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Friday, February 3, 2023

Nigerian Fintech Reach $3billion Valuation After Raising $250Million Series D

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Flutterwave: Latest Serie D funding round of $250Million tripling valuation to $3billion in 12 months;  900,000 business processing payments in 150 currencies across different payments modes; becoming the highest valued African startup; and raising a total of $475million in six years.

According to Co-founder and Chief Executive Officer Olugbenga Agboola. “We are thinking Egypt or Morocco” and could consider an initial public offering in the medium to short-term.

✅ Launched in 2016 as a Nigerian🇳🇬and US🇺🇸based payments company with offices in Lagos and San Francisco
✅ Billion-dollar African startup founded by Africans in Africa while reaching a $1 billion valuation in fewer than 10 years
✅ Key metrics have always been revenue, customer growth and retention
✅ 2018 announced Series A round of $20million
✅ 2020 announced Series B round of $35million, processed 107 million transactions worth $5.4 billion
✅ March 2021 announced Series C round of $170million from Tiger Global and Avenir with a valuation of $1billion, processed over 140 million transactions from 290,000 businesses worth more than $9 billion in 150 currencies
✅  Live operations in 20 African countries with an infrastructure reach in over 33 countries
✅ Grew more than 100% in revenue, contributed to its compound annual growth rate (CAGR) of 226% from 2018
✅ Growth resulted from an increase in activities in “COVID beneficiary sectors – streaming, gaming, remittance and e-commerce etc
✅ Introduced the Flutterwave Store for merchants, product went live in 15 countries and helped 20,000 merchants create store fronts and sell their products online
✅ Partnerships include Visa (in launching Barter in 2019); Alipay (to offer digital payments between Africa and China); and Worldpay FIS (for payments in Africa in 2020)
✅ February 2022 announced Series D round of $250million, tripled Flutterwave’s valuation to over $3 billion in 12 months,
✅ 900,000 businesses globally use Flutterwave to process payments in 150 currencies, across different payment modes: local and international cards, mobile wallets, bank transfers and Flutterwave’s consumer product Barter
✅ At $3 billion, Flutterwave is currently the highest valued African startup
✅ In total, raised $475million in six years
✅ Now with an infrastructure reach across 34 African countries, processing 200 million transactions worth more than $16 billion
✅ Nearly doubled transaction value of 2016-2020 to over $16bn
✅ Launched Send in December 2021, Flutterwave’s fastest-growing product, processing 4,729 transactions, with total payments volume crossing $3.59 million first full month of launch with majority of customers from Nigeria, USA🇺🇸and UK🇬🇧
Indeed still day 1 in Africa and a brilliant way to go👌🏾💯🖤💫✅
©️Esosa Aihie@NigeriaMagazine

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