Flutterwave, helmed by Nigerian internet entrepreneur Olugbenga Agboola, has increased its valuation to $3.2 billion, solidifying its status as Africa’s most valuable firm.
This follows a $250 million funding round in 2022, which increased the company’s capitalization from $1 billion.
According to CNBC, Flutterwave’s valuation increased from $3 billion in February 2022 to $3.2 billion.
Under Gbenga Agboola’s leadership, Flutterwave now accepts payments in over 30 currencies across 40 countries. The company ranked 14th on CNBC’s Disruptor 50 list, recognizing the world’s most innovative enterprises.
Flutterwave, founded in 2016, is leading Africa’s payments revolution. The company, with headquarters in San Francisco and Lagos, is a success story in the continent’s growing fintech industry.
2023 proved to be a successful year for Flutterwave’s expansion. The company expanded into Rwanda and Egypt, formed a strategic agreement with India’s IndusInd Bank Ltd., and invested $50 million in Kenya to obtain an operating license.
With artificial intelligence (AI) redefining disruptive innovation, the majority of the CNBC Disruptor 50 companies, including Flutterwave, consider it “critical” to their business.
In October, Flutterwave formed a strategic alliance with Microsoft, co-founded by billionaires Bill Gates and Paul Allen. This move connects Flutterwave with a wave of firms that use technology to bridge gaps.
This collaboration will use the Microsoft OpenAI platform to help Flutterwave expand to a global merchant base and usher in a new era of financial inclusion in Africa. Microsoft hopes to empower 10 million SMEs by 2025 through this relationship.
Flutterwave, led by Olugbenga Agboola, continues its aim to connect Africa and the rest of the globe by simplifying payments.
The startup, which has raised $475 million, will obtain 13 money transmitter licenses in the United States by late 2023, expanding its reach to 29 states.
