Home » Flutterwave, led by Nigerian tech entrepreneur Gbenga Agboola, competes to buy British fintech Railsr

Flutterwave, led by Nigerian tech entrepreneur Gbenga Agboola, competes to buy British fintech Railsr

by Omokolade Ajayi
Gbenga Agboola

Flutterwave, the San Francisco and Lagos-based fintech led by Nigerian tech entrepreneur Olugbenga Agboola, is reportedly in the running to acquire Railsr, a British fintech company specializing in embedded finance solutions such as digital wallets, credit cards, and banking services.

Flutterwave, a fintech group that is considered Africa’s most valuable tech startup, was co-founded in 2016 by Olugbenga Agboola, a leading Nigerian tech entrepreneur, and Iyinoluwa Aboyeji, a co-founder of Andela.

In the past year alone, Flutterwave obtained $250 million in a Series-D funding round, increasing the company’s valuation above $3 billion. The fintech has also processed more than 200 million transactions totaling over $16 billion across 34 African countries.

According to sources, a consortium comprising existing Railsr investors is also vying to acquire the British fintech company. It is unclear at this time when the sale process will be completed or what the outcome will be.

Railsr has been working with FT Partners on a range of strategic options, including an outright sale, for several months. The company raised $46 million in a Series-C funding round last year, though it did not disclose the valuation, which was reportedly around $250 million.

The British fintech company has raised more than $100 million in equity funding, with backing from investors including Visa. In the face of a potential wave of consolidation in the fintech sector, as companies struggle to access standalone funding, Railsr recently raised a bridge funding round to provide capital until a sale could be finalized.

Under the leadership of Agboola, a leading Nigerian tech entrepreneur, Flutterwave has made it its mission to create unlimited possibilities for customers and businesses in Africa and developing markets, capitalizing on the rapid adoption of technology in Africa.

The start-up is considering an initial public offering on the NASDAQ Exchange, which would allow investors to purchase shares in the company on the open market as it reaches a scale and trajectory comparable to publicly traded companies.

With its impressive five-year run and strong brand serving over 900,000 enterprises worldwide, Flutterwave, under Olugbenga Agboola, is well-positioned for continued success in the global fintech industry.

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