computer-science
Payments startup Flutterwave hits $3.2B valuation, backed by Ripple
Key takeaways
- African payments infrastructure company Flutterwave announced Tuesday a Series E round that values the company at $3.2 billion.
- The company did not reveal the size of this round, although Flutterwave says it has now raised more than $500 million in funding to date.
- Ripple s stake is part of a plan to help both companies expand financial services on the African continent.
African payments infrastructure company Flutterwave announced Tuesday a Series E round that values the company at $3.2 billion. This round, notably, includes an equity investment from payments blockchain company Ripple.
The company did not reveal the size of this round, although Flutterwave says it has now raised more than $500 million in funding to date.
Ripple s stake is part of a plan to help both companies expand financial services on the African continent. Cross-border payments, the industry in which Flutterwave primarily operates, remain challenging in Africa due to fragmented banking systems, strict foreign exchange policies, currency volatility, and the routing of transactions through European cities like London, which causes delays.
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