Nigerian cross-border funds startup Flutterwave is placing its feelers out for a brand new spherical of funding at a minimal valuation of $3 billion, about triple its final worth, per information experiences that cited unnamed sources.
Though nothing is finalized, Flutterwave was reportedly in talks with potential backers a couple of funding deal, based on the sources.
Launched in Lagos, Nigeria in 2016 by Founder Olugbenga GB Agboola, who serves as CEO, the funds startup has since relocated its workplace campus to Silicon Valley. The corporate achieved unicorn standing in March following a $170 million Collection C funding spherical led by Avenir Progress Capital and Tiger International Administration.
That spherical introduced its complete funding to $225 million since its inception. The FinTech startup closed a $35 million Collection B spherical in 2020 and a $20 million Collection A in 2018.
See additionally: Nigeria’s Flutterwave Raises $170M on $1B Valuation
Flutterwave expedites cross-border cash transfers all through Africa and companions with huge international manufacturers like Fb, Uber and Reserving.com. Between January and March, the startup processed over 140 million transactions totaling greater than $9 billion. The corporate additionally stated that between 2018 and 2020, its income elevated at a compound annual development fee of 225%.
The corporate just lately began collaborating with PayPal so that individuals making purchases from African retailers pays instantly on the Flutterwave platform, eliminating a barrier to cross-border commerce. Flutterwave stated in March that an preliminary public providing (IPO) in New York Metropolis was not out of the query.
Learn extra: PayPal, Flutterwave Deal Targets African Market
Flutterwave operates throughout over 33 African nations, serving near 300,000 retailers. The corporate focuses on particular person and client cash transfers, and has processed about 100 million transactions valued at over $5.4 billion since its launch.