Home » Nigerian entrepreneur Olugbenga Agboola’s Flutterwave becomes most valuable startup in Africa

Nigerian entrepreneur Olugbenga Agboola’s Flutterwave becomes most valuable startup in Africa

by Omokolade Ajayi

Flutterwave, a Nigeria-based technology firm run by leading tech entrepreneur Olugbenga Agboola, has raised $250 million in a Series-D fundraising round, tripling the company’s net worth to more than $3 billion in less than a year.

The investment round, which saw the fintech unicorn become Africa’s most valuable company with a valuation of over $3 billion, comes nearly four months after Agboola, its CEO, stated that it was in negotiations with investors for the new capital at a $3-billion valuation.

The $250-million capital injection was led by B Capital Group, a multistage global investment firm founded in 2015; other institutional investors that participated in the recently concluded financing round include Alta Park Capital, Whale Rock Capital and Lux Capital, among others.

The increased investment in the tech tiger validates African talent, innovation and the continent’s young dynamic population.

According to sources close to the transaction, the additional investment will help the company grow and expand as it continues to capitalize on possibilities in the African digital ecosystem, while promoting new ideas in the development of its goods and services.

Since its inception in 2016, Flutterwave has been on a mission to create unlimited possibilities for customers and businesses in Africa and developing markets, capitalizing on the rapid adoption of technology in Africa to establish a powerful brand that today serves more than 900,000 enterprises worldwide.

The Series-D funding comes on the heels of a spectacular five-year run in which Flutterwave has completed more than 200 million transactions totaling over $16 billion across 34 African nations.

Agboola stated: “Our story is that of resilience and hard work. Our growth so far is due to the support of our customers, our partners, the banks, the public, the regulators, and importantly our people.”

He went on to say that the latest funding round, which demonstrates the belief of some of the world’s leading investors in the firm’s business model and the African technology market, will provide Flutterwave with much-needed support to deliver on its plans to provide the best experience for merchants and customers worldwide.

Agboola and Iyinoluwa Aboyeji, who have since dominated the tech ecosystem as leading tech founders and startup investors, co-founded Flutterwave in 2016.

In March, the firm reported the completion of a $170-million Series-C investment round, raising its valuation to more than $1 billion.

Flutterwave’s $3-billion valuation places it ahead of Jim Ovia’s Zenith Bank and Segun Agbaje’s Guaranty Trust Holding as not just Africa’s most valuable startup, but also the most valuable firm in Nigeria’s financial services industry.

Its $3-billion valuation raises new questions about Agboola’s net worth, which many estimate above a billion dollars as he has a significant interest in the tech unicorn.

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