This Flutterwave company profile covers the company's valuation, revenue, funding rounds, investors and history. Flutterwave works in fintech, with a focus on payments infrastructure for Africa. It was founded in 2016 and is headquartered in San Francisco, California, United States. Its latest valuation on record is Over US$3 billion (February 2022). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
| Metric | Value | As of | Source |
|---|---|---|---|
| Acquisition of Mono | All-stock acquisition of Nigerian open banking company Mono, reportedly valued at about US$30 million; Mono to operate independently | 2026 | Condia |
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Feb 2022 | Series D | US$250M | Over US$3B | B Capital Group (lead) | TechCabal |
Flutterwave timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2016 — Flutterwave is founded in San Francisco by Olugbenga Agboola (CEO), Iyinoluwa Aboyeji and Adeleke Adekoya.
- Feb 2022 — Series D: US$250M, valuing the company at Over US$3B. Investors: B Capital Group (lead).
- 2026 — Acquisition of Mono: All-stock acquisition of Nigerian open banking company Mono, reportedly valued at about US$30 million; Mono to operate independently.
Investors
Overview
Flutterwave builds payment infrastructure for businesses operating in Africa. Its technology lets companies accept payments across many African countries through cards, bank transfers, mobile money and other local methods, and send payouts to customers, sellers and workers. International companies use it to sell into African markets, and African businesses use it to accept payments from customers at home and abroad.
Flutterwave was founded in 2016 by Olugbenga "GB" Agboola, the CEO, Iyinoluwa Aboyeji and Adeleke Adekoya. It went through Y Combinator's accelerator. The company is registered in San Francisco, with its operational headquarters in Lagos, Nigeria, and offices in several African countries. It is one of the most valuable startups to come out of Africa.
Why payments in Africa are complex
Africa has 54 countries, dozens of currencies and a wide range of payment methods. In many markets, mobile money, where people store and send money through their mobile phone account, is more common than cards. Bank transfer systems, regulation, currency controls and fraud patterns differ country by country. For a business, accepting payments across the continent used to mean integrating with many local providers separately. Flutterwave's value is in handling that complexity through a single integration.
How Flutterwave makes money
Flutterwave earns fees on payments it processes and payouts it sends, with pricing varying by country and payment method. It also earns from currency conversion and related services for businesses. Its revenue depends on transaction volumes, which are affected by economic conditions and currency movements in its major markets, especially Nigeria.
Funding history
Flutterwave raised several rounds as it grew, becoming one of Africa's first fintech unicorns. Its largest round on record is its Series D in February 2022: US$250 million led by B Capital Group, which more than tripled its valuation to over US$3 billion. The company said the money would go towards customer acquisition in existing markets, growth through mergers and acquisitions, and new complementary products.
Reports in 2026 described further developments, including new strategic investment, but we haven't been able to confirm the terms from primary sources, so they're not included in the data above.
The Mono acquisition
Flutterwave agreed to acquire Mono, a Nigerian open banking company that lets apps connect to customers' bank accounts with permission, similar to Plaid in the US. Condia reported that the all-stock deal was valued at about US$30 million, and that Mono would continue operating independently with its existing leadership. The acquisition adds bank data and account-linking capabilities to Flutterwave's payments network.
Challenges
Flutterwave has faced difficult conditions since its 2022 peak. The Nigerian naira lost a large share of its value against the US dollar after currency reforms, which reduced the dollar value of revenue earned in naira. The company also faced allegations in Kenya in 2022, which it denied, and regulatory scrutiny in some markets. It has worked to strengthen governance and compliance, and has obtained licences in multiple countries, including in the US.
Revenue: what's public
Flutterwave hasn't published its revenue in the sources we used, so we show it as not disclosed. Because much of its revenue is earned in African currencies, its dollar-denominated results can swing significantly with exchange rates, even when underlying transaction volumes grow.
Competitive landscape
Flutterwave competes with other African payment companies, global processors expanding into Africa, mobile money operators and banks. Paystack, a Nigerian company acquired by Stripe in 2020, is one of its best-known rivals. Flutterwave's advantages are its broad country coverage, its licence network and its brand among international businesses selling into Africa.
What to watch next
Watch for IPO plans, which the company has discussed for several years; expansion of licences, especially in the US and major African markets; integration of Mono; and the effect of currency movements on its results. Any new funding round would update its valuation from the 2022 figure.
Key facts at a glance
Flutterwave is an African payments company founded in 2016 by Olugbenga Agboola, Iyinoluwa Aboyeji and Adeleke Adekoya, registered in San Francisco with operational headquarters in Lagos. It raised a US$250 million Series D led by B Capital Group in February 2022 at a valuation of over US$3 billion, and later agreed to acquire Nigerian open banking company Mono in an all-stock deal reportedly valued at about US$30 million.
Mobile money explained
Mobile money lets people store, send and receive money through an account linked to their mobile phone number, usually operated by a telecom company or a licensed provider, without needing a traditional bank account. Users deposit and withdraw cash through networks of local agents. In many African countries, mobile money reaches far more people than bank cards. Kenya's M-Pesa is the best-known example. For a payments company, supporting mobile money across countries means connecting to many different operators, each with its own systems, rules and fees, which is exactly the kind of complexity Flutterwave handles for businesses.
Africa's fintech landscape
Fintech has attracted a large share of venture investment in Africa, because the gaps in financial services are large and mobile phones are widespread. Payments, lending, savings, insurance and remittances have all produced fast-growing companies. The sector has also faced challenges: currency devaluations in major markets, tighter funding since 2022 and evolving regulation. Flutterwave's experience reflects both the opportunity and the difficulties of building at scale on the continent.
Questions to ask an African payments provider
- Which countries and local payment methods, including mobile money, are supported directly?
- In which currency are funds settled, and how quickly?
- What licences does the provider hold in each country you operate in?
- How are chargebacks, fraud and failed transactions handled?
Testing a provider with a small volume of real transactions in each target country is the most reliable way to compare success rates and settlement speed before committing larger volumes.
Local references from businesses in your sector are also valuable, since performance can differ by industry.
We update this Flutterwave profile when new funding, licence or acquisition details are confirmed.
What this means if you're…
A business selling into Africa: compare payment providers on country coverage, local payment methods (especially mobile money), settlement currency and fees.
A fintech founder in an emerging market: plan for currency risk from the start; revenue earned in a volatile currency can shrink quickly in dollar terms.
An investor: Flutterwave shows the opportunity and the risks in African fintech: huge growth potential, alongside currency, regulatory and governance challenges.
Latest developments (October 2026)
Flutterwave acquired Nigerian open banking startup Mono in an all-stock deal, a move its chief executive said would improve margins and strengthen its case for a future IPO, according to Africa.com. In April 2026 it received a national microfinance banking licence in Nigeria, and it denied reports that it was close to an IPO or had received a government investment tied to one, according to bne IntelliNews. Its 2022 valuation of more than US$3 billion remains the latest priced figure.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Flutterwave do?
Flutterwave is a fintech / payments infrastructure for africa company headquartered in San Francisco, California, United States. It was founded in 2016.
What is Flutterwave's valuation?
Flutterwave was valued at Over US$3 billion as of February 2022, according to TechCrunch. Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does Flutterwave make?
Flutterwave is a private company and has not publicly disclosed its revenue. Figures on third-party sites are usually modelled estimates rather than numbers reported by the company.
What was Flutterwave's latest funding round?
The most recent financing we have verified is a series d in Feb 2022: US$250M, at a valuation of Over US$3B. Source: TechCabal.
Who are Flutterwave's investors?
Investors named in public announcements include B Capital Group and Y Combinator.
Who founded Flutterwave?
Flutterwave was founded in 2016 by Olugbenga Agboola (CEO), Iyinoluwa Aboyeji and Adeleke Adekoya.
Is Flutterwave a public company?
No. Flutterwave is a private company (private, venture backed), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Flutterwave headquartered?
Flutterwave is headquartered in San Francisco, California, United States.