The short: Flutterwave launched a ton of announcements this week – from a $250 million Series D raise, valuing them at almost $4billion, to new branding and product launches at their flagship Flutterwave 3.0 event.
Let’s back up:
In July 2017, Flutterwave raised over $10 million in Series A
to hire more talent and expand global operations + an extension round in 2018 – bringing the raise to $20 million. In January 2020, Flutterwave raised $35 million in Series B to invest in business development and expand market share in existing countries. In March 2021, the company raised $170 million in Series C – bagging them the coveted unicorn status (private companies worth $1 billion). Fast forward to 2022 – the $250 million Series D raise is targeted at mergers and acquisitions and growing its existing user base.
New product experimentation: Flutterwave’s 3.0 event broke the internet with product announcements that essentially turned some fintech companies business models into features:
- Apple Pay & Google Pay is coming to Flutterwave checkout.
- Flutterwave Capital would give businesses access to loans without collateral and clunky documentation.
- Flutterwave Card Issuing for virtual and physical cards.
- Fintech As a Service (FAAS) product for businesses to embed financial services into their products.
By the numbers:
Flutterwave’s incredible five-year run has amassed
over 200 million transactions worth $16 billion in 34 African countries and powered 900,000 businesses globally.
Quickfire with CEO Olugbenga ‘GB’ Agboola:
With Flutterwave’s valuation at almost $4 billion, we did a quickfire round with the CEO to understand Flutterwave’s growth and ambitions:
#1: Why did Flutterwave raise $250m?
GB: Market penetration.
#2: Will Flutterwave be acquiring its competitors on the continent?
GB: If we find the right fit.
#3: Flutterwave is a big company now, increasing regulatory oversight ahead of a potential US listing. What’s the game plan?
GB: We will do more market penetration & align our goals with regulators — but we have already seen huge support from regulators.
#4: How far away is Flutterwave from listing on the US stock exchange?
GB: Our goal is to keep scaling & be IPO ready.
Final thoughts: Flutterwave has upped the game for product announcements and innovation in Africa. In an industry that takes the mantra “innovate or” die” to a different level – rapid innovation, mergers, and acquisitions are essential for survival. In any case, if a startup survives the average 5-year mark, they have a blueprint for what’s possible.