Flutterwave, a digital payment platform, has raised $170 million from investors, pushing its valuation to over $1 billion.
In a statement on Wednesday, the company said the funding was part of a Series C round led by growth-equity firms, Avenir Growth Capital and Tiger Global Management, with participation from new and existing investors.
Flutterwave said it will use the new capital to accelerate customer acquisition in existing and international markets.
The company said the funding will also be used to develop complementary and innovative products such as the recently launched Flutterwave Mobile, an app that helps to accelerate ecommerce growth.
According to the company, the increase in digital payments, occasioned by the COVID-19 pandemic, resulted in a revenue growth of 226 percent.
Commenting on the development, Olugbenga Agboola, co-founder and chief executive officer of Flutterwave, attributed the success of the company to its workers, customers, investors, and a favourable economic environment.
“However our successes would not be possible without (1) Our amazing team of 300+ employees that work tirelessly to achieve our goals (2) The trust and support we have received from our investors and customers and (3) Regulatory bodies like the Central Bank of Nigeria which – under the leadership of the current Governor, Mr Godwin Emefiele – has remained at the forefront of the significant efforts that are currently being made by African governments to create the enabling environment for technology, innovation and financial inclusion,” he said in a statement.
“This humbling support has created the backbone upon which companies like Flutterwave have been able to thrive. 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.”
The company noted that within four years of operation, it has reached over 290,000 merchants, registered 500,000 barter users and expanded its infrastructure to over 33 countries.