Very Good Security customer Flutterwave recently shared some excellent news! They raised $170 million in a recent Series C round, led by U.S. hedge fund and investment firm Tiger Global and New York-based private investment firm Avenir Growth Capital.
Flutterwave's value now stands at a whopping $1 billion, giving this impressive payments company the coveted unicorn designation.
Though the African fintech market has been heating up, Flutterwave is one of the few there to have scored over $200 million in funding, making its meteoric rise even more admirable.
Everyone at VGS is incredibly happy for Flutterwave, and we’re confident that this massive Series C investment will help the organization achieve its mission of becoming a global payments company.
Founded back in 2016, this Nigeria and US-based payments startup helps organizations create customizable payments applications using its APIs. Since its launch, Flutterwave has processed more than 140 million transactions totaling more than $9 billion. The company boasts some pretty big-name clients, including global power players like Uber, Booking.com, and Flywire.
In all, over 290,000 companies use the Flutterwave platform to process payments. It works in 150 currencies and supports various payment methods, including international and local cards, bank transfers, mobile wallets, and Barter by Flutterwave – which now has more than 500,000 users. The company’s services are currently live in 20 African countries.
Fortunately, payments companies like Flutterwave didn’t take much of a hit during the pandemic. Flutterwave CEO Olugbenga Agboola says that his company actually increased its revenue by over 100% in the past year.
Partially fueling this success was the Flutterwave Store launch, which enabled more than 20,000 merchants in 15 African countries to sell their products online. At the same time, lockdowns severely impacted many places across the continent.
We know that there are great things in Flutterwave’s future, and we can’t wait to see what this phenomenal company achieves next!