Flutterwave, one of Nigeria’s tech unicorns, is presently in talks to raise an additional fund at a valuation of $3 billion or even more, according to a Bloomberg post.
The figure would triple Flutterwave’s last valuation of $1 billion.
Operating from both Lagos, Nigeria and San Francisco, US, Flutterwave held discussions with potential investors recently, the people familiar with the ongoing discussions stated. They explained that terms of funding are yet to be finalised and that it is likely to change.
The talks were led by the company Chief Executive Officer Olugbenga Agboola. In March, the company announced it has hits unicorn status after raising $170 million in a round led by Avenir Growth Capital and Tiger Global Management LLC. Other investors were DST Global, Greycroft, Insight Partners and Salesforce Ventures.
In the same March, the company announced a partnership with Paypal Inc. to enable its global customers to pay African merchants using Flutterwave’s platform.
Founded in 2016, Flutterwave facilitates cross-border transactions across Africa for companies including Facebook Inc., Uber Technologies Inc. and Booking.com. As of March, the startup said it had processed more than 140 million transactions worth over $9 billion in aggregate and that its revenue had risen at a compound annual growth rate of 225 percent between 2018 and 2020.