Sunday, September 25, 2022

Flutterwave valuation hits over $1 billion, considers U.S. listing

“We may consider the possibility of listing in New York or a possible dual listing in New York and Nigeria.”

• March 10, 2021

Nigerian payments company Flutterwave achieved unicorn status and could consider a New York listing after it closed a $170 million funding round from investors to expand its customer base. 

Its valuation is over $1 billion, the largest amount ever secured by an African tech startup. 

“We may consider the possibility of listing in New York or a possible dual listing in New York and Nigeria,” CEO and co-founder Olugbenga Agboola told Reuters on Tuesday.

“The company’s valuation is now in excess of $1 billion. The fundraise brings the total investment in Flutterwave to $225 million,” it said in a statement, highlighting Africa’s shift in digital payments as a result of the COVID-19 pandemic.

The fundraising round was led by Avenir Growth Capital and Tiger Global Management LLC. and backed by venture capital firms such as Early Capital Berrywood, Green Visor Capital, and Greycroft Capital, as well as U.S. payments company Paypal.

The fundraising round’s completion came after a year Flutterwave announced a partnership with Visa and Worldpay. 

The company offers its services in 11 African countries, including Nigeria, Ghana, Kenya, and South Africa, and at the time of its Series B round, it had recorded 100 million processed transactions valued at over $5.4 billion for global leaders such as Uber and 

Similarly, in October, U.S. payments company Stripe bought Nigerian fintech business Paystack for $200 million. 

In late 2019 Visa bought a 20 percent stake in Nigerian payments company Interswitch, the main platform for the country’s business-to-business transactions. 

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Hot news Home top

Katsina vigilante kills notorious bandit leader, delivers his head to emir’s palace

The notorious bandit leader, who had been terrorising Batsari town in Katsina, was killed on Friday.


2023: Atiku will get 65% of Benue’s votes despite Ortom’s support for Wike, says party chieftain

Mr Ortom had said unless Mr Wike was appeased, PDP would risk losing the state votes during the 2023 presidential election.

National Drug Law Enforcement Agency (NDLEA) 1


NDLEA nabs 75-year-old grandfather, others in possession of illicit drugs

NDLEA’s spokesman, Femi Babafemi, that the septuagenarian was arrested on September 20 at Anguwan Sate in the Mayo Belwa council area of Adamawa.

Professor Jeremiah Ojediran


VC urges FG to upgrade infrastructure in tertiary institutions

Mr Ojediran stressed that Nigerian academicians outside the country were well paid compared to those in the country.

Seized okadas


Lagos govt impounds 150 Okadas, arrests 10 riders for flouting ban

Mr Abdulraheem told journalists that the unit impounded at least 20,000 commercial motorcycles between January and September.


Suit seeking to compel CCB to reveal INEC chair’s asset declaration fixed for Monday

The motion on notice filed by an applicant Emmanuel Agonsi was scheduled for a hearing on Monday by the Chief Judge of the Federal High Court, John Tsoho.