Flutterwave hits $3.2 billion valuation under Nigerian tech entrepreneur Olugbenga Agboola

Omokolade Ajayi -

Key Points:

  • Flutterwave, led by Nigerian entrepreneur Olugbenga Agboola, hits $3.2-billion valuation, solidifying its position as Africa’s most valuable tech startup.
  • Processing payments across 40 countries, Flutterwave enters new markets and secures strategic partnerships for global expansion.
  • Collaboration with Microsoft leverages AI for global reach and empowers SMEs, furthering financial inclusion in Africa.

San Francisco and Lagos-based fintech giant Flutterwave, led by Nigerian multimillionaire tech entrepreneur Olugbenga Agboola, has further solidified its position as Africa’s most valuable tech startup after its valuation climbed to $3.2 billion.

Flutterwave hits $3.2-billion valuation

This comes on the heels of a $250-million fundraising round in 2022, which tripled the company’s valuation from $1 billion.

Flutterwave’s valuation reached $3 billion in February 2022 and has since risen to $3.2 billion, according to a recent report by CNBC, a leading U.S. financial news provider.

Market leader in payments

Under Gbenga Agboola’s leadership, Flutterwave now processes payments in more than 30 currencies across 40 countries. This achievement landed the company the 14th spot on CNBC’s Disruptor 50 list, which recognizes the world’s most innovative businesses.

Founded in 2016, Flutterwave has become a frontrunner in Africa’s ongoing payments revolution. The company, headquartered in both San Francisco and Lagos, stands as a significant success story within the continent’s burgeoning fintech space.

2023 proved to be a banner year for Flutterwave’s expansion. The company entered the Rwandan and Egyptian markets, secured a strategic alliance with Indian financial services leader IndusInd Bank Ltd., and pledged a $50 million investment in the Kenyan market to secure an operating license.

Expansion, partnerships and embracing AI

With artificial intelligence (AI) redefining disruptive innovation, most companies on the CNBC Disruptor 50 list, including Flutterwave, consider it “critical” to their business.

Last October, Flutterwave sealed a strategic partnership with Microsoft, the tech giant co-founded by U.S. billionaires Bill Gates and Paul Allen. This move aligns Flutterwave with a wave of startups leveraging technology to bridge gaps.

This collaboration leverages the Microsoft OpenAI platform to facilitate Flutterwave’s expansion to a global merchant base and usher in a new era of financial inclusion in Africa. Microsoft also  aims to empower 10 million small and medium enterprises (SMEs) by 2025 through this partnership.

Global expansion

Under the leadership of Olugbenga Agboola, Flutterwave continues its mission to connect Africa to the world and vice versa by simplifying payments.

The company, which has received a total of $475 million in funding, secured 13 money transmitter licenses in the U.S. in late 2023, expanding its reach to 29 states.