Nigeria’s Flutterwave raises Series A extension round of financing

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Nigerian fintech startup Flutterwave has completed its Series A Extension round of financing, taking its total raised funding to date to more than US$20 million.

Launched in 2016, Flutterwave is building modern payments technology and infrastructure for Africa to enable people and businesses to connect with the global economy. Its solution enables banks and merchants to replace multiple payment integrations with one simple API, which enables processing of any form of payment anywhere in Africa.

So far it has processed over US$2.3 billion in payments across 60 million transactions, and partnered with the likes of Standard Bank, First Bank and Ecobank. Clients include Transferwise, Flywire, Booking.com, JumiaPay and Uber.

Flutterwave raised US$10 million in Series A funding in August of last year, and has now secured a further extension round. The latest round of financing includes investments from Mastercard, CRE Ventures, Fintech Collective, 4DX Ventures, and Raba Capital, among others, and means the startup has now raised over US$20 million to date. Its largest investors include Green Visor Capital and Greycroft Partners.

As part of the financing, current Green Visor capital chairman and general partner, and former Visa chairman and chief executive officer (CEO Joe Saunders, has joined the Flutterwave board of directors.

In a separate development, Flutterwave CEO Iyin Aboyeji has stepped down to pursue family goals. In a farewell message, he thanked the Flutterwave board and team.

“It’s been amazing working with the Flutterwave team to build another great African company and I’m excited for the future under its new leadership,” said Aboyeji, who previously co-founded coding startup Andela.

Flutterwave co-founder Olugbenga Agboola will replace Aboyeji as CEO.

“On behalf of the entire Flutterwave team we wish Iyin luck in his future endeavors. Moving forward, the entire Flutterwave team and I are excited for Flutterwave’s future and look forward to growing the company,” Agboola said.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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