Flutterwave, a U.S. and Lagos-based fintech that’s on a mission to build payments infrastructures to connect Africa to the global economy, announced on Wednesday it secured $170 million through its Series C funding round, which was led by growth-equity firms Avenir Growth Capital and Tiger Global Management LLC with participation from new and existing investors. This investment round comes just a little over a year after Flutterwave raised $35 million through its Series B funding round. The Series C brings Flutterwave’s total funding to $225 million.
As previously reported, Flutterwave stated it creates the infrastructures by building technology and tools for both businesses and banks that want to provide a “more seamless and secured” payment experience for their customers.
“Flutterwave has grown to become one of the fastest growing payments companies in the world. Since inception Flutterwave has processed close to $2 billion in payments and 25 million transactions across over 33 African countries where it currently operates.”
Flutterwave further reveled that the Series C funds will be used to accelerate customer acquisition in existing and international markets, as well as develop complementary and innovative products such as the newly launched Flutterwave Mobile, an app to help accelerate e-commerce growth as a result of the success of the Flutterwave Stores. Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, added:
“As we look to the future, our focus remains the same which is to stand by our 290,000 merchants across Africa every day as they strive to build their mom-and-pop stores into global businesses. We look forward to increasing our investments across the continent and deepening the impact our platform has on lives and livelihoods as we take more businesses in Africa to the World, and at the same time continue to bring more of the World to Africa.”