Nigerian cross-border payments startup Flutterwave is putting its feelers out for a new round of funding at a minimum valuation of $3 billion, about triple its last value, per news reports that cited unnamed sources.
Although nothing is finalized, Flutterwave was reportedly in talks with potential backers about a funding deal, according to the sources.
Launched in Lagos, Nigeria in 2016 by Founder Olugbenga GB Agboola, who serves as CEO, the payments startup has since relocated its office campus to Silicon Valley. The company achieved unicorn status in March following a $170 million Series C funding round led by Avenir Growth Capital and Tiger Global Management.
That round brought its total funding to $225 million since its inception. The FinTech startup closed a $35 million Series B round in 2020 and a $20 million Series A in 2018.
See also: Nigeria’s Flutterwave Raises $170M on $1B Valuation
Flutterwave expedites cross-border money transfers throughout Africa and partners with big global brands like Facebook, Uber and Booking.com. Between January and March, the startup processed over 140 million transactions totaling more than $9 billion. The company also said that between 2018 and 2020, its revenue increased at a compound annual growth rate of 225%.
The company recently started collaborating with PayPal so that people making purchases from African merchants can pay directly on the Flutterwave platform, eliminating a barrier to cross-border commerce. Flutterwave said in March that an initial public offering (IPO) in New York City was not out of the question.
Read more: PayPal, Flutterwave Deal Targets African Market
Flutterwave operates across over 33 African countries, serving close to 300,000 merchants. The company specializes in individual and consumer money transfers, and has processed about 100 million transactions valued at over $5.4 billion since its launch.