Payments company Flutterwave disclosed that it secured $170 million in funding, driving the company’s value up to $1 billion.
The US-based company secured funding from a Series C round led by Avenir Growth Capital, a New-York based investment company, and Tiger Global, a US hedge fund investment firm.
This funding comes after the company closed two funding rounds in 2018 and 2019, securing $35 million (Series B), and $20 million (Series A) respectively.
Based in the United States as a Nigerian firm, Flutterwave launched in 2016 as a payments company, aiding businesses to create flexible payment applications through its APIs.
High-profile firms such as Uber, Facebook, Booking.com, among others use the platform for payment processing.
The new funding round will facilitate the company’s expansion into new markets.
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Flutterwave has a presence in 20 African countries, but its services are networked in more than 33 countries in Africa.
Investors involved in the funding round include Early Capital Berrywood; PayPal; Salesforce Ventures; DST Global, Insight Ventures; Tiger Management; Greycroft Capital; Green Visor Capital; and Worldpay FIS 9yards Capital.
The company’s founder Olugbenga Agboola stated that the goal of the company vis-a-vis the Series C funding will enable the company to roll out new features including Flutterwave Mobile that “will turn merchants’ mobile devices into a point of sale, allowing them to accept payments and make sales,” TechCrunch reports.
