March 10, 2021
Flutterwave, an Africa-focused payment technology company, has raised $170 million in a Series C round, positioning itself to further connect and capitalize on the continent’s thriving yet highly fragmented digital payment landscape.
The round now values the company at more than $1 billion. It was led by the US-based investment firms Avenir Growth Capital and Tiger Global Management, with participation from new and existing investors including DST Global and Salesforce Ventures. The latest funding brings the total investment in the five-year-old company to $225 million.
A fragmented industry
Africa’s electronic payment industry including card, e-commerce, digital banking transactions and more has exploded in recent years, generating about $20 billion in revenue in 2019, according to McKinsey.
Tuesday s request signalled that the Biden administration is likely to scrap the rule on its own, Xinhua news agency quoted a report published by The Hill news website.The