Flutterwave hits $3 billion valuation on $250 million Series B

African payments technology processor Flutterwave has secured $250 million in Series D funding at a valuation of $3 billion.

The round was led by B Capital Group, with participation from Alta Park Capital, Whale Rock Capital, Lux Capital, and a number of existing investors.

The company helps merchants accept payments both online and at the point-of-sale through a host of methods, including cards, mobile money and bank transfers.

Founded by entrepreneur Olugbenga Agboola in 2016, Flutterwave has processed over 200M transactions worth over $16B to date across 34 countries in Africa. It now serves over 900,000 businesses across the globe.

The company says the new funds will be utilised to grow its product suite and drive its expansion plans by accelerating customer acquisition in existing markets and growth through M&A.