Nigerian fintech company Flutterwave has officially raised $170 million in a Series C funding round, pushing its valuation to over $1 billion and making it Africa’s fourth unicorn. The funding round, led by Avenir Growth Capital and Tiger Global Management, positions Flutterwave among Africa’s elite tech companies, joining the ranks of Interswitch, Jumia, and Fawry.

Founded in 2016 by Iyinoluwa Aboyeji, Olugbenga Agboola, and others, Flutterwave provides a digital payment infrastructure for businesses to facilitate seamless transactions across Africa and beyond. The company’s platform allows merchants to accept payments in over 150 currencies using multiple payment methods, including mobile wallets, cards, and bank transfers.

In an official statement, Flutterwave CEO Olugbenga Agboola emphasized the importance of the funding in driving the company’s mission forward. “We are focused on providing the best payment infrastructure for businesses, not just in Africa, but globally. This investment will enable us to accelerate our expansion into new markets and further develop our products,” Agboola said.

With the fresh capital, Flutterwave plans to scale its operations across Africa, invest in new products like Flutterwave Store, and deepen partnerships with global tech companies like PayPal. It also aims to support small and medium-sized enterprises (SMEs) by giving them access to digital payments and e-commerce tools, particularly amid the economic challenges posed by the COVID-19 pandemic.

The Series C round also saw participation from early investors such as Green Visor Capital, Greycroft Capital, and Endeavor Catalyst. According to industry analysts, Flutterwave’s unicorn status reflects the increasing demand for fintech solutions in Africa, where a significant portion of the population remains underserved by traditional banking systems.

Flutterwave’s growth trajectory has been meteoric. In 2020 alone, the company processed over 140 million transactions valued at more than $9 billion, serving more than 290,000 businesses including Uber, Facebook, and Booking.com. Its rapid growth has been attributed to its strong focus on innovation, scalability, and the ability to adapt to the specific needs of the African market.

This latest funding round reinforces Flutterwave’s position as one of the most successful fintech startups in Africa, setting the stage for further growth and technological innovation across the continent.