Background story

Flutterwave is a Nigerian fintech startup founded in 2016 by Iyinoluwa Aboyeji and Olugbenga Agboola. The company began by providing a payment platform for businesses in Nigeria but quickly expanded to other countries in Africa. Flutterwave’s platform allows businesses to accept customer payments through multiple channels, including credit and debit cards, mobile money, and bank transfers.

Over the years, Flutterwave has grown rapidly and has become one of Africa’s leading fintech companies. It has processed over $10 billion in transactions and has partnerships with major companies such as Visa, Mastercard, and First Bank of Nigeria. In addition, the company has expanded to other African countries and has offices in Nigeria, Ghana, South Africa, and Kenya.

Despite these challenges, Flutterwave’s founders were determined to make their company successful. They worked tirelessly to build relationships with regulators and partners and invested heavily in marketing and customer acquisition.

Why we invested

We connected with the founders’ of Flutterwave in 2015 when we were first introduced. We invested in Flutterwave because we saw it as a promising fintech startup with a unique and innovative payment platform that addresses a significant market opportunity in Africa.

In addition, we very early saw the company’s growth and revenue generation potential through transaction fees. We also loved its strong management team, which had very experienced founders, which was a significant factor in our decision to invest.

How we worked with them

When Flutterwave first launched, it faced several challenges. First, the payments industry in Africa was heavily regulated, and the company needed help to navigate the complex regulatory landscape. Additionally, many businesses in Africa needed to be used to accepting digital payments, which made it difficult to gain traction.

Our first engagement with the team support was leveraging our network to support their initial incorporation process and navigating the complexity of setting up the business.

Subsequently, we helped with funding. In May 2018, we led the $10 million investment round, which included other investors like Greycroft Partners, Raba Capital, Golden Palm Investments and others. This funding round helped Flutterwave to scale its operations, expand its customer base, build its infrastructure, hire more staff and develop new features to improve its platform.

Over the years before we exited, we leveraged our networks in the fintech sector and the continent to provide support, mentorship, and guidance to the founders and management team to help navigate the challenges of scaling and growing.

How has it helped

Flutterwave is considered one of the most successful fintech companies in Africa. The company has experienced rapid growth since its founding in 2016 and has become one of the leading fintech companies in Africa.

Flutterwave has been recognized as one of the most innovative companies in Africa and has won several awards, including the “Best Mobile Payment Platform” award at the 2018 Nigeria Technology Awards, and was named one of the “10 Most Innovative Companies in Africa” by Fast Company in 2019.

Flutterwave’s success is also demonstrated by its financial performance. The company raised $170m in series E funding in 2020, valued at $1 billion.

As of 2021, Flutterwave has processed over $10 billion in transactions and has partnerships with major companies such as Visa, Mastercard, and First Bank of Nigeria. In addition, the company has expanded to other African countries and has offices in Nigeria, Ghana, South Africa, and Kenya.