Flutterwave becomes Africa's newest unicorn after $170mn fund raise

Payment technology company Flutterwave has made headlines after securing $170 million from a group of international investors as part of a successful Series C round. The company's valuation has now soared over $1 billion, making it the newest unicorn in Africa. CEO and founder of Flutterwave, Olugbenga Agboola, joined CNBC Africa to discuss the details of the fundraiser and the company's growth strategy. Agboola emphasized that Flutterwave's primary goal has always been to build Africa's largest payment network, starting from Nigeria. The recent funding round is aimed at scaling their growth, investing in infrastructure, and expanding their reach across the continent. Agboola highlighted the importance of creating a seamless payment experience for businesses and individuals across Africa. He expressed a vision where transactions between different African countries feel as simple as domestic transactions, with a focus on reducing payment processing times and enhancing overall efficiency. One of the key pillars of Flutterwave's strategy is to deepen its market penetration and ensure excellent customer experience. Agboola emphasized the importance of revenue generation, customer retention, and acquisition as the core focus areas for the company. While Flutterwave's valuation has achieved significant milestones, Agboola reiterated that their main focus remains on delivering top-notch payment solutions and becoming Africa's leading payment network. As Africa moves towards greater economic integration through initiatives like the African Continental Free Trade Area, cross-border payments are poised to play a crucial role in driving regional trade. Flutterwave sees itself as a key player in facilitating seamless cross-border payments and contributing to the success of the trade agreement. The company's infrastructure is already enabling transactions across different African countries, supporting businesses and individuals in conducting transactions efficiently. As Flutterwave continues to innovate and expand its reach, it aims to be at the forefront of shaping the future of payment in Africa, making trade simpler and more accessible across the continent.