Tech in Africa
Flutterwave, an African fintech payments firm has considered listing in New York. The communication came from the Chief executive who disclosed their raising of $170 million from investors led by Tiger Global Management LLC and Avenir Growth Capital who aim to expand to their customer base. Other investor participants are Greycroft Capital, Early Capital Berrywood, PayPal, and Green Visor Capital.
Flutterwave has experienced exponential growth in 2016 by Nigerians who are headquartered in San Francisco. This company is specialized in both individual and consumer transfers. The startup is one among several fintech groups working towards the facilitation and capitalizing of the African payments market, which is fueled by fast internet speed and fast internet speeds.
The company is looking to list in New York or double-list in New York and Nigeria. This revealed at Reuters, according to Olugbenga Agboola, who is the CEO of Flutterwave. $170 million was secured from a group of leading international investors. The valuation currently stands at $1 billion. Investments into Flutterwave are currently at $225 million.
In other developments, Stripe (a US-based company) acquired PayStack for $200 million. In late 2019 Visa acquired a 20% stake by Interswitch (a Nigerian payments company), the country’s top B2B platforms.
