Flutterwave, a US-headquartered digital payment platform developer focused on emerging markets, completed a $170m series C round yesterday featuring Salesforce Ventures, a corporate venture capital subsidiary of enterprise software producer Salesforce.
Investment firms Avenir Growth Capital and Tiger Global Management co-led the round, which was also backed by DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Partners, Tiger Management and 9yards Capital.
Founded in 2016, Flutterwave operates an online platform that enables businesses to accept payment transactions anywhere in the world there is internet access.
The company provides international payment processing in 150 currencies and supports payment methods such as debit cards, mobile wallets and bank transfers.
The proceeds of the series C round will be used to support Flutterwave’s customer acquisition and product development activities. The round valued it at more than $1bn and increased its total funding to $225m.
Flutterwave received $35m in a January 2020 series B round which was co-led by Greycroft and e.Ventures and filled out by payment services provider Visa, financial services technology producer FIS, CRE Venture Capital and Green Visor Capital.
Payment services firm Mastercard, CRE Venture Capital, Fintech Collective, 4DX Ventures and Raba Capital had added an undisclosed amount to the company’s $10m series A round in 2018.
Greycroft and Green Visor co-led the first tranche of the series A round, with investments from Glynn Capital and Y Combinator. The company had previously secured funding from Omidyar Network, Social Capital and HOF Capital.