Paystack might have made the news first on the back of its $200 million exit but that news is now eclipsed by another amazing one in the same space.
As of the time of this writing, Flutterwave has secured an additional $170M funding through a series C round. That is impressive, but not as impressive as the $1bn valuation that the company now boasts in the market.
A little background into Flutterwave shows that they are the company that processes a lot of payments across multiple African countries. In fact, their financial sheets show that they have processed about $9 billion in transactions so far, lending credence to the legitimacy of the business model.
The most interesting thing in this niche is how the brand is worth more than majority of Nigerian banks. At this valuation, they are also the first payment start-up in the country to achieve unicorn status – an unofficial badge given to companies that have crossed the $1bn mark.
There is stull more to do for Flutterwave as more ecommerce providers open up in the African space. Likewise, they are yet to expand to all African countries so some potential remains there. With an increase in purchase within and outside the continent too, we cannot wait to see where this business climbs to in the nearest future.