Nigerian fintech giant Flutterwave Inc. is reportedly pursuing a fresh round of funding aimed at propelling its valuation to $3 billion or more. This jump would represent nearly a threefold increase from its current worth, signaling strong market confidence and investor interest in the company’s trajectory. Sources suggest discussions with potential backers are underway, with funding dependent on agreed terms.

Founded in 2016 with offices in Lagos and San Francisco, Flutterwave has become a cornerstone of the African digital payments ecosystem. The company attained unicorn status in March after a $170 million Series C round, following prior Series B and Series A fundings of $35 million and $20 million, respectively. These milestones demonstrate consistent investor confidence.

CEO Olugbenga Agboola previously shared the company’s long-term vision, which includes an eventual Initial Public Offering (IPO) and tools to optimize investor exits. “A listing is very much in our plans, but for now, we’re focused on giving the best value to our customers,” Agboola stated. The current funding push may delay a near-term IPO but positions Flutterwave to enhance its valuation for a potential future listing on the New York Stock Exchange.

As one of Africa’s leading payments platforms, Flutterwave operates across 33 countries, offering services like card creation and processing payments from diverse sources. A notable partnership with PayPal enables U.S. users to transact seamlessly with African merchants via Flutterwave’s platform, reflecting its growing influence.

Flutterwave has maintained remarkable growth, recording a 225% compound annual revenue increase between 2018 and 2020. Today, the company serves over 300,000 businesses globally, handling more than 140 million transactions worth upwards of $9 billion. Its platform supports major cross-border clients including Uber, Facebook, and Booking.com, and a collaboration with CurrencyCloud facilitates effortless multi-currency payments across Europe and the U.S., showcasing Flutterwave’s operational scale.

The fintech also navigated complex challenges, including scrutiny from the Central Bank of Nigeria during the #ENDSARS protests, when donation accounts linked to the movement were temporarily frozen. Despite such hurdles, Flutterwave continues its rapid expansion, cementing its position as a leading payments innovator across Africa and beyond.