Flutterwave

Flutterwave provides payment infrastructure that lets merchants and payment providers accept and send money across African markets and to and from the rest of the world, through card acquiring, bank transfers, mobile money and APIs. It also runs Send App, a remittance service for the African diaspora. The company was founded in 2016 by Olugbenga (GB) Agboola, its chief executive, and Iyinoluwa Aboyeji, among others, and went through Y Combinator. It is headquartered in San Francisco with its main operations in Lagos, Nigeria, and holds licenses in 34 African countries.

TechCrunch reported a $20 million Series A in 2018 and a $35 million Series B in 2020. SEC Form D filings by Flutterwave, Inc. show about $15.3 million sold in 2017, $19.2 million in 2019 and $40.1 million in January 2021. In March 2021 Avenir Growth Capital and Tiger Global led a $170 million Series C at a valuation above $1 billion, with DST Global, Greycroft, Insight Partners, Salesforce Ventures, Green Visor Capital, Tiger Management and Worldpay FIS participating, bringing total funding to $225 million. In February 2022 B Capital Group led a $250 million Series D at a valuation above $3 billion, joined by Alta Park Capital, Whale Rock Capital and Lux Capital, and existing investors Glynn Capital, Avenir, Tiger Global, Green Visor and Salesforce Ventures.

Flutterwave remains private. At the Series C it served more than 290,000 businesses and had processed over 140 million transactions worth more than $9 billion, for clients including Booking.com, Flywire and Uber. It obtained a Nigerian switching and processing license in 2022 and said in 2024 that it was preparing for an eventual IPO. A Kenyan court froze some of its funds in 2022 over money laundering claims; the agency withdrew the case in 2023. In January 2026 it acquired the Nigerian open banking company Mono in an all stock deal, and in April 2026 it received a national microlending license from the Central Bank of Nigeria.

Flutterwave shows the arc of African fintech through the 2021 funding peak. Its seed and Series A investors entered when the company was raising tens of millions of dollars, and crossover funds such as Tiger Global and Avenir priced it at $1 billion and then $3 billion within eleven months. Ten years after founding, those gains remain on paper, and a listing would be the first test of whether the 2022 price holds.