A team from Nigeria’s leading fintech powerhouse, Flutterwave, visited Anambra state’s Governor Prof Chukwuma Soludo in the company of the CEO of Stanel Group, Dr Stanley Uzochukwu.
The official meeting between the Anambra State government and Flutterwave follows a statement by Flutterwave CEO Gbenga Agboola, who promised to set up a regional hub for the Fintech brand in Awka.
The Flutterwave team met with Soludo to discuss an impending partnership to formalise and expand the state’s e-commerce ecosystem. This marks the latest tech-focused initiative by the Soludo administration, following the establishment of the Solution Innovation District in Awka.
Flutterwave, a unicorn by African standards, sees a viable future in the Southeast ecosystem. The presence of heavily commercialised areas like Onitsha and Aba presents a business case for the fintech brand, which already positions itself as a key solution provider for merchants in Nigeria and across Africa.
Anambra is home to the biggest market in West Africa. Flutterwave’s penetration into such an ecosystem will be reflected heavily on its books, hence the move by its CEO and management team.
Fundraising, Valuations and User base
Flutterwave has raised a total of $489 million across several funding rounds.
- Series D: The most significant round was its $250 million Series D in February 2022. This tripled its valuation to $3 billion.
- Investors: Flutterwave’s investors include global heavyweights such as B Capital Group, Tiger Global, Mastercard, Salesforce Ventures, Visa, and Y Combinator.
- $75 million Hoax: Rumours of a potential $75 million investment from the Nigerian government prompted the company to react. They clarified that no such deal has been officially announced, though discussions with various stakeholders remain ongoing.
At the time of the report, Flutterwave claims to support over 2 million businesses across the continent. These range from global giants like Uber and Microsoft to local African success stories like Piggyvest and Air Peace.
Flutterwave, Paystack and Moniepoint are regarded as the big three in African fintech. This follows their Unicorn status and over a decade of operation. Flutterwave’s move into a new terrain highlights innovation and a quick eye for new opportunities within an existing market.
