In an announcement on her website, the payment gateway giant Flutterwave announced that it has successfully rounded up her series C funding led by Avenir Growth Capital and Tiger Global Management, LLC.
The current series C funding has so far led to a whole sum of One Hundred and seventy million dollars, which will be directed towards improving the companies operations.
Flutterwave is a Payment Technology Company that helps Businesses to easily tap into emerging markets including Africa, by harnessing a viable means of financial transactions seamlessly all over the world.
Flutter-wave has handled over 140M transactions worth more than USD $9B to date and serves in excess of 290,000.
The company has many services and products, most notable among them is Barter by Flutterwave . Flutterwave has international presence in many countries, including Nigeria and its headquarters reside at California., United States.
Flutterwave Series Fundings
So far the Nigerian Originated Unicorn Flutterwave has closed their series of fundings to date namely Series A, Series B and Series C.
Series A, the initial funding led by Greycroft Partners and Green Visor raised over $10 million
With other Funding partners Y Combinator and new investors like Glynn Capital, MAstercard and Raba amongst others.
Next in the Series funding, B funding pooled $35 million and the round was co-driven by Gray Croft and eVentures with further contributions from CRE Ventures, FIS, Visa, Green Visor, Endeavor, Fintech Collective, 9 Yards Capital, 4DX Ventures, and YCVC.
The newest funding, the Series C round anchored by development value firms Avenir Growth Capital (“Avenir”) and Tiger Global Management LLC (“Tiger Global”) with participation from new and already financial supporters.
Expectations from Series C funding
Flutterwave hopes to affirm and position itself as a world leading digital financial institution with a focus on seamless payments by harnessing the funds to execute an eager development system to get the market share in current and potential markets, enabling SMEs and global brands by associating the profoundly divided African digital transaction framework.
Flutterwave will channel the new funding to speed up client procurement in existing and global business sectors.
It is spectacular to note that this increased funding came at a time when COVID-19 has disrupted and starved many businesses from funding, this has added to Flutterwave’s extraordinary income development of 226% CAGR from 2018-2020.
Overview of the Funding Partners
Avenir is a development stage venture firm. The firm takes an exploration driven, first standards based way to distinguish how new innovations, changing purchaser inclinations or developing administrative conditions will reshape huge end markets.
Avenir puts resources into high-development, class characterizing organizations gaining by these changes in outlook.
Such ventures have included Savage x Fenty, Latch, Drizly, Current, Bevi, and Mark43, among others. Avenir was established in 2017 and is situated in New York.
Tiger Global Management LLC is a venture firm that conveys capital internationally. The company’s on a very basic level situated ventures center principally around the web, programming, monetary innovation, customer and mechanical areas.
The private value system has a ten-year speculation skyline and targets development situated privately owned businesses. Such speculations have included Spotify, Harry’s, Warby Parker, Peloton, JD.com, Facebook, LinkedIn, Yandex, Mail.ru Group, Despegar, Ola and Flipkart.
The public value endeavors underscore profound due tirelessness on singular organizations and long haul common topics. Tiger Global Management, LLC, was established in 2001 and is situated in New York with member workplaces in Hong Kong, Singapore, Bangalore and Melbourne.
With the giant strides made in funding, the future can only be bright For FlutterWave and it is an encouragement to other Nigerian and African startups for those with Strong African roots that, indeed there is hope and space for growth if right measures and good business development choices are taken effective;y, For now one hopes that the Butterfly keeps flying and making payments seamless to aid the growth of local business in Africa,