Now valued at over $1 billion, Flutterwave is considering expansion on the local market and abroad, and is eyeing a potential dual listing on the New York Stock Exchange (NYSE) and Nigerian Stock Exchange (NSE). The news comes after the Afrocentric payments platform recently raised $170 million in Series C funding.
The company said the funds would allow it to execute an “ambitious growth strategy to become a leading global payments company.” It also strives to empower SMEs and global brands by connecting the fragmented African digital payments landscape.
“We may consider the possibility of listing in New York or a possible dual listing in New York and Nigeria,” Flutterwave Co-Founder and CEO Olugbenga Agboola was cited as stating in a report by Reuters. Agboola is a Nigerian based in San Francisco.
Growth equity funds Avenir Growth Capital and Tiger Global Management led the round, with new and existing investors participating, including Green Visor Capital, Early Capital Berrywood, Greycroft Capital and Paypal. Its valuation jumped as a result to more than $1 billion, bringing the total investment in the company to $225 million.
Jamie Reynolds, a partner at Avenir Growth Capital, said it is supporting “the team as they build the last available payments infrastructure frontier in the world – connecting merchants and consumers intra-Africa and globally.”
Startups engaged in a Series C funding round are typically seen as successful. They are seeking the additional financing largely to develop new products, expand into new markets, and even acquire other companies. Investors inject the funds into these businesses with the hope to receive an over 100-percent return on their investment.
Flutterwave aims to provide a reliable payments solution for African businesses in the global market. Its stated mission is to “make it easier for Africans to build global businesses that can make and accept any payment, anywhere from across Africa and around the world.”
