Nigerian fintech startup Flutterwave secures $170 million in investments, raising its valuation to over $1 billion

Flutterwave, a Nigerian fintech startup has secured $170 million in capital from investors, the company said in a statement released Wednesday. This pushes the firm’s total valuation to over $1 billion.

A statement released by Flutterwave Wednesday said, “the company’s valuation is considered to be valued at more than USD $1 billion.

The fundraise brings the total investment in Flutterwave to USD $225 million and is one of only a very small number of African fintech companies to have raised significant funds in a period of widespread disruption and economic uncertainty.”

Founded in 2016, Flutterwave is a “Payments Technology Company that helps businesses all over the world expand their operations in Africa and other emerging markets, through a platform that enables cross-border transactions.”

The company provides digital payment and transaction services to businesses to connect Africa to the global economy by supporting local and international payments.

The statement released by the firm says “The new funds will allow Flutterwave to execute an ambitious growth strategy to become a leading global payments company, empowering SMEs and multinational brands by connecting the highly fragmented African digital payments landscape.”

Flutterwave has reportedly processed over 140 million transactions worth over USD $9 billion to date and plans to use the capital “to accelerate customer acquisition in existing and international markets, as well as develop complementary and innovative products.”

Noah Pitcher is a global politics correspondent for Today News Africa covering the U.S. government, United Nations, African Union, and other actors involved in international developments, political controversies, and humanitarian issues.

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