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Huge congrats to portfolio company Flutterwave on the announcement of their Series C funding! The proliferation of fintech services across Africa remains in full swing as investors remain bullish about the opportunities that abound in the sector. And now we behold another unicorn: African payments company Flutterwave announced that it has closed $170m, valuing the company over $1b. New York based private investment firm Avenir Growth Capital and U.S. hedge fund and investment firm Tiger Global led the round. New and existing investors who participated include DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Partners, Salesforce Ventures, Tiger Management, Worldpay FIS and 9yards Capital.
“Flutterwave, for instance, launched when the governor just came in. We got our license and scaled our business because of a favourable regime that allowed it to be possible. There are so many trailblazing innovations that we don’t talk about a lot about Nigeria, like the BVN and the NIP system. Nigeria has consistently been at the forefront of payments innovation for over a decade, and it was all possible because of the forward-looking CBN policies,” he said.
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