News
Flutterwave Secures $250m Series D Funds
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Global fintech company Flutterwave has raised $250 million in series D funding, valuing the company at over $3 billion, to become one of the highest-valued African start-ups.
The new funds will drive Flutterwave’s expansion plan to accelerate customer acquisition in existing markets, grow through mergers and acquisitions, and develop complementary products.
Flutterwave provides a payment service for merchants, payment service providers, and Pan-African banks.
Flutterwave has also partnered with global and Pan-African technology and telecommunication companies such as PayPal, MTN and Airtel Africa to drive financial inclusion on the continent.
Announcing the new funding, Flutterwave says its latest backers include globally recognised investors led by B Capital Group, with participation from Alta Park Capital, Whale Rock Capital and Lux Capital, among others.
Several existing investors that participated in previous rounds also followed this round, including Glynn Capital, Avenir Growth, Tiger Global, Green Visor Capital and Salesforce Ventures.
“Our story is that of resilience and hard work. Our growth so far is due to the support of our customers, our partners, the banks, the public, the regulators, and importantly our people,” says Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave.
“We are delighted that investors believe in us and our story and are committing their resources to this belief.
“This latest funding demonstrates the conviction of some of the world’s leading investors in our business model, team and the Africa technology market. It gives Flutterwave the much-needed support to deliver on our plans to provide the best experience for our merchants and customers around the world.”
For the investors, Flutterwave has become Africa’s fastest-growing unicorn and deserves its backing.
“At B Capital, we seek to back generational companies with broad platform potential. Flutterwave has a unique opportunity to accomplish this as the dominant payments infrastructure provider across Africa,” says Matt Levinson, partner at B Capital.
“In addition to their emergence as the leading enterprise payments processor for the continent, Flutterwave is innovating at breakneck speed with novel fintech solutions for large corporates, SMEs and consumers.
“I’ve had the pleasure of backing this world-class team since 2017 and couldn’t be more thrilled that B Capital is leading their Series D. Flutterwave may ultimately build one of the most consequential fintech businesses in the world, enabling hundreds of thousands of merchants to transact online and connect Africa to the global economy.”
David Glynn, managing partner of Glynn Capital, comments: “We believe the digitisation of payments globally is one of the largest and most important trends in technology.
“Having been investors in Flutterwave since 2017, we have had a front row seat in seeing Flutterwave establish itself as a leading payments company in Africa, as it drives adoption of seamless digital payments experiences for merchants and consumers alike. We look forward to supporting the company as it addresses its significant growth opportunity in the years ahead.”
News
Meta Faces Lawsuit for Alleged Hiring Bias
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A federal judge ruled on Tuesday that Meta Platforms must face a lawsuit alleging that the parent company of Facebook and Instagram prefers hiring foreign workers to pay them less than American workers.
U.S. Magistrate Judge Laurel Beeler in San Francisco stated that three U.S. citizens who accused Meta of refusing to hire them despite their qualifications may proceed with a proposed class action.
The plaintiffs—information technology worker Purushothaman Rajaram and software engineer Ekta Bhatia, both naturalised U.S. citizens, and data scientist Qun Wang—claimed they applied for several Meta jobs between 2020 and 2024 but were rejected due to Meta’s “systematic preference” for visa holders.
Meta, in a statement, called the allegations baseless and vowed to vigorously defend itself.
In seeking dismissal, the Menlo Park, California-based company argued there was no proof of discriminatory intent or that the plaintiffs would have been hired if they were not U.S. citizens.
However, Judge Beeler cited statistics showing that 15% of Meta’s U.S. workforce holds H-1B visas, compared to 0.5% of the overall workforce.
She also referenced Meta’s October 2021 agreement to pay up to $14.25 million, including a civil fine, to settle federal claims that it routinely refused to consider American workers for jobs reserved for temporary visa holders.
“These allegations support the plaintiffs’ overall complaint that they were not hired because Meta favours H-1B visa holders,” Beeler wrote.
The government had sued Meta in December 2020, seven weeks before President Donald Trump ended his first White House term.
Daniel Low, a lawyer for the plaintiffs, expressed hope that the lawsuit would address the favouritism towards visa workers prevalent in the tech industry, stating that fully addressing the issue would require additional enforcement or legislative reform.
Beeler had dismissed an earlier version of the lawsuit, which named only Rajaram as a plaintiff, in November 2022.
A divided federal appeals court revived the case last June, citing a Civil War-era law, Section 1981 of the Civil Rights Act of 1866, which bars discrimination in contracts based on “alienage” and protects U.S. citizens from bias.
Many conservative groups have used this law to challenge workplace diversity initiatives, which Trump also opposes.
The case is Rajaram et al. v. Meta Platforms Inc., U.S. District Court, Northern District of California, No. 22-02920.
News
Mysterious Illness Kills 50 People within Hours of Symptoms, Doctors Raise Alarm
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A mysterious illness killed more than 50 people in the Democratic Republic of Congo (DRC), with most victims dying within 48 hours of showing symptoms, health officials have reported.
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Pic Credit: Daily Sabah
The outbreak, first reported on January 21, has resulted in 419 cases and 53 deaths.
The World Health Organization (WHO) has classified it as a significant public health threat, citing concerns over its rapid progression and fatality rate.
Suspected origin and early cases
Authorities believe the outbreak started in the town of Boloko, where three children reportedly ate a dead bat.
The children developed severe symptoms and died within two days.
Medical experts suspect the illness is a form of hemorrhagic fever, which can cause fever, internal bleeding, headaches, and joint pain.
“That’s what’s really worrying,” said Serge Ngalebato, medical director of Bikoro Hospital in the DRC, referring to the disease’s speed and severity.
Ebola, one of the most well-known hemorrhagic fevers, has not been detected in this outbreak, according to initial testing.
A second wave of cases emerged in the town of Bomate on Feb. 9. Authorities have tested samples from 13 patients, all of which returned negative results for Ebola and Marburg virus.
However, some samples tested positive for malaria.
The WHO reported that the fatality rate of the illness is 12.3%, significantly higher than the early fatality rate of COVID-19.
Experts warn that the outbreak could spread further due to the region’s remote location and fragile healthcare system.
News
NPC Warns Nigerians to Beware of Fake Recruitment Website
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National Population Commission (NPC), has alerted the public to a fraudulent website https://npc-career.allprogram.site/job created by individuals with malicious intent.
Erelu Taibat Yemi Oloruntoba, director, Public Affairs, NPC, said in a statement that the fake site falsely claims to facilitate recruitment for the 2025 Population and Housing Census, aiming to defraud unsuspecting citizens.
“We want to state unequivocally that the Commission is not currently conducting any recruitment for Ad-hoc staff related to the upcoming census. President Bola Ahmed Tinubu, GCFR, has stated that a committee will be established to align the census budget with the government’s present financial situation before issuing a proclamation for the conduct of the upcoming biometric Population and Housing Census,” the statement outlined.
It, therefore, warned Nigerians to be aware that when there is a date for the census and it becomes necessary for the commission to recruit ad hoc staff for the exercise, it will be officially announced through national media outlets, as well as the NPC’s verified social media platforms and website.
It urged the general public to disregard the fake website and its misleading information to avoid falling victim to scams.
The statement avowed that NPC is actively investigating the creators of this fake website, adding, “we encourage everyone to seek accurate information regarding the NPC’s activities from our official social media handles and website.”
According to the statement, NPC is committed to keeping the public informed about developments concerning the first biometric Population and Housing Census in Nigeria.
“We appreciate your support in ensuring a successful census exercise,” the statement said.
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