Flutterwave secures strategic investment from Ripple in its Series E funding round, valuing the company at $3.2 billion. This partnership will enhance stablecoin payment solutions across Africa.

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In March 2021, the San Francisco-headquartered and Lagos-based startup raised $170 million in a Series C round from Tiger Global and Avenir at a valuation of $1 billion. The company also helps businesses outside Africa expand their operations on the continent. At the time, the payments company said it processed 140 million transactions worth over $9 billion. Customers use Send — which Agboola called “Flutterwave’s fastest-growing product” — mainly to pay for family support, gifts and tuition, the company told TechCrunch. It will also help the company speed up customer acquisition in existing markets and grow through M&As, the company said in a statement. In March 2021, it was 290,000; now, 900,000 businesses globally use Flutterwave to process payments in 150 currencies and across different payment modes: local and international cards, mobile wallets, bank transfers and its consumer product Barter. Although Flutterwave has its headquarters in the U.S., it didn’t run any operations there. At $3 billion, Flutterwave is currently the highest valued African startup, surpassing the $2 billion valuation set by SoftBank-backed fintech OPay and FTX-backed cross-border payments platform Chipper Cash.