African fintech company Flutterwave announced that it has raised $170 million in Series C funding, valuing the company at over $1 billion.

The round was led by growth-equity firms Avenir Growth Capital and Tiger Global. New and existing investors who participated include DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Ventures, PayPal, Salesforce Ventures, Tiger Management, Worldpay FIS, and 9yards Capital. 

This funding round comes a year after Flutterwave raised a $35 million Series B and a $20 million Series A in 2018. In total, Flutterwave has raised $225 million and is one of the few African startups to have secured more than $200 million in funding. 

Hitting the $1 billion valuation means Flutterwave is the third unicorn coming out of Nigeria after fellow fintech Interswitch and e-commerce company, Jumia. What’s impressive about this milestone is how quickly Flutterwave has joined the small club of African unicorns – under 10 years.

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Source: TechCabal