Over the past few years, African startups have been breaking records in the FinTech sector, with 7 unicorns already on the scene today. Flutterwave is perhaps the best example of this meteoric rise. This African startup specializing in payment services recently completed a symbolic $250 million funding campaign, and has quickly made a name for itself.

As a result, Flutterwave is now valued at $3 billion. How did Flutterwave get where it is today? How did it achieve such success? What are its goals for the future? Let's discover all the secrets behind Flutterwave, a veritable African empire of digital banking services.

Flutterwave: one of Africa's biggest start-ups 

An American-Nigerian company based in Nigeria, Flutterwave has rapidly become one of Africa's African startups, with a valuation of $3 billion.. Representing the largest technological investment ever made on the continent, Flutterwave has positioned itself as a major player in the continent's financial sector thanks to its innovative payment solution.

What is Flutterwave?

Flutterwave is a technology technology company offering an online payment platform for businesses and developers. It enables users to carry out online transactions using local and international currencies.

This is an electronic payment solution that aims to facilitate commercial transactions for companies and individuals in Africaby offering them a secure platform.

Its history

Flutterwave was was founded in 2016 by Iyinoluwa Aboyeji, Olugbenga Agboola and Adebiyi Ajibolawho all saw a need to create a reliable and secure online payment platform in Africa. Their aim was to facilitate transactions for professionals and individuals on the continent. They thus set up an online payment platform that would enable users to carry out online transactions using local and international currencies.

Over the years, the company has raised funds from investors to develop and improve its solution. In 2019it raised a total of $20 million in Series A, and in 2020a total of 170 million dollars in Series B, resulting in a valuation of $1 billion. In 2021the start-up announced that it had raised $170 million in Series C financing in Series C, valuing the company at $3 billion.

Today, Flutterwave is considered one of Africa's most promising technology start-ups in Africa, and continues to grow and continues to grow by offering innovative and reliable online payment services to users in Africa and other parts of the world.

Flutterwave, for whom? 

This online payment platform companies and developers in Africa and other as well as in other countries around the world. It helps businesses to receive online payments securely and facilitates commercial transactions. It also offers payment services for developers, enabling them to integrate payment functionalities into their applications and websites.

Flutterwave also caters to the needs of individuals in Africa who can use the platform to carry out online transactions using local and international currencies. The start-up strives to make commercial transactions simpler and more secure thanks to a reliable, easy-to-access payment platform.

How did the startup achieve its $3 billion valuation?

Flutterwave has established itself as one of the continent's leading FinTechs thanks to its international expansion strategy and its unique platform in the cross-border payments sector.

Agreements with giants

After concluding a series of agreements with companies such as Visa, MasterCard and MTNfunds raised in a previous round of financing have enabled the startup to expand rapidly over the past three years.

Flutterwave has enjoyed huge success in the African market after raising $250 million in a fundraising round in July 2020. This sum represents the largest investment ever made on the African continent and resulted in a $3 billion valuation for the startup. 

This financing was supported by leading international finance companies such as Y Combinator, Green Visor Capital and GV (formerly Google Ventures). The financing was supported by investors specialized in the African sector Blackrock, Tiger Global and Sachem Head Capital Management.

In addition to these agreements and partners, the start-up recently received the the Switching and Processing License for electronic payments (Switching and Processing License). This license, issued by the Central Bank of Nigeria (CBN), is one of the most coveted payment authorizations in the country.

A team of professionals

As in any business, human resources are quite important. In this context, Flutterwave is recruiting exceptional talent to help build and develop its payment platform. As proof of this, the company has recruited executives and experts straight from the world of Wall Street.

By way of example, today you have former Goldman Sachs head Gurbhej Dhillon or former American Express vice-president Oneal Bhamban, who bring their expertise to the company. These recruitments clearly demonstrate the company's ambitions to become one of the world's FinTech giants.

An IPO?

Flutterwave, Africa's largest unicorn (startup valued at over $1 billion), is not yet listed on the stock exchange. According to sources such as Bloomberg, the company is working on an international an international public offering (IPO) with a view to listing on the NASDAQ market on the New York Stock Exchange. It's important to note that going public is a complex process that requires careful planning and preparation. In addition, recent setbacks involving the startup's management also represent an impediment to its IPO.

What about the future of Flutterwave?

Flutterwave is a fast-growing company dedicated to facilitating financial transactions in Africa and other parts of the world. It has already established partnerships with major companies and financial institutions, and continues to develop new functionalities for its online payment services.

The startup's future looks brightgiven the growing demand for online payment services in Africa and other emerging regions. The growth in the use of mobile technology for financial transactions is also a key factor that can continue to propel the company forward.

Flutterwave also develops products for companies and financial institutions to help them automate payment processes and increase the efficiency of their operations. Finally, the company also aims to stimulate financial innovation in Africa through its calls for projects aimed at the continent's startups. As part of this call, Flutterwave offers funding and training to young African entrepreneurs wishing to develop innovative products on the platform.

In short, Flutterwave is very well positioned for the future, with a huge potential market and new products to come for companies and financial institutions. It is highly likely that the company will continue to grow and expand its presence in the years to come.

Flutterwave: key information

The workforce

The company currently has more than 347 employees. Constantly evolving, the company is always on the lookout for new talent to strengthen its team and achieve its objectives.

Sales figures

In 2022the company achieved sales of 30.1 million.

Going public

Currently, Flutterwave has not yet gone public.. However, it is working towards doing so as soon as possible. In particular, it is considering a listing on the New York Stock Exchange's NASDAQ market.

Business and strategic objectives

As a growing company, it aims to go public quickly to raise additional funds for further development. The African startup also intends to extend its presence to sub-Saharan Africa and other African countriesto increase its user base.

Scalability

Through its partners, Flutterwave helps African consumers access modern banking services without having to physically visit a bank branch. This saves time and money for users. What's more, Flutterwave can take advantage of a rapidly developing continent with a young population that is increasingly interested in digital solutions. 

Mantra/ CEO quote

Endless possibilities for every business (Endless possibilities for every business.)