Flutterwave, the payment processing company, closed a series C funding round, raising $170 million. In doing so, it took the company’s valuation to a figure “in excess of $1billion”, earning it unicorn status. It also means the company has now raised over $225 million in funding since beginning in 2016.
US hedge fund, Tiger Global, and private investment firm, Avenir Growth Capital, led the Series C round. CEO and co-founder Olugbenga Agboola told Reuters that the company is now eyeing a possible listing on the New York stock exchange, or a dual listing in New York and Nigeria.
Their success was followed by the even more consequential news of a new partnership with PayPal. The new “pay with PayPal” feature will allow African businesses to receive payments from PayPal users worldwide, removing a crucial impediment to African merchants doing business abroad. The relationship between the online payment company PayPal and Africa was largely one-sided. Several African countries were only able to send money and not receive it via the online platform.