Payments company becomes the most valuable start-up in Africa as investors bet on continent’s fintech scene
Nigerian payments company Flutterwave has raised $250mn, giving it a $3bn valuation and making it the most valuable start-up in Africa as international investors bet on the continent’s fintech scene.
The Lagos-based company, founded in 2016, is now the biggest payments start-up on the continent. It has processed 200mn transactions worth more than $16bn in 34 African countries.
Last year, African start-ups raised a record $4.65bn, roughly double 2020’s tally, according to Briter Bridges, a data research company focused on Africa’s technology sector. Roughly two-thirds of the total went to fintech companies, and Nigeria was the top target.
Read more: Financial Times
