Flutterwave Inc., a Nigeria-based payment platform, is in talks with investors for fresh funding at a valuation of $3 billion or more, Bloomberg reported.
Although the terms of the funding round have not been finalized and are likely to change, the figure could roughly triple its latest valuation.
In March, the company announced the closing of a $170-million Series-C round, bringing the company’s valuation to more than $1 billion.
Two U.S. investment firms led the round, Avenir Growth Capital and Tiger Global.
Flutterwave is an Africa-based fintech company that provides a payment infrastructure for global merchants and payment service providers across the continent.
The company was co-founded in 2016 by Olugbenga Agboola and Iyinoluwa Aboyeji, leading Nigerian tech founders and startup investors.
Agboola currently serves as the company’s CEO.
Flutterwave facilitates cross-border transactions throughout Africa for companies, including global players such as Facebook, Uber and Booking.com.
In April 2020, the fintech company launched the e-commerce initiative, Flutterwave Store, a portal for African merchants to create digital shops to sell online.
The company has sped up its e-commerce in response to the COVID-19 pandemic, which restricted small- and medium-sized enterprises and traders from operating in Africa’s largest economies, TechCrunch reported.