Connect with us

News

Flutterwave Secures $250m Series D Funds

Published

on

Kindly share this post

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.”


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

News

ALX Africa Enriches over 1,200 Lives Through CSR Initiatives Across Nigeria

Published

on

Kindly share this post

In a concerted effort to impact their host communities, ALX, Africa’s leading tech accelerator, embarked on a Corporate Social Responsibility (CSR) initiative to enrich the lives of people in low-income communities across nine states in Nigeria.

This impactful exercise saw ALX Learners and Fellows (graduates), actively engaged in various uplifting activities centered around three key activities: food relief, education and tutoring, and orphanage visits.

ALX Community members in Abuja and Anambra State embarked on educational outreaches to secondary schools and universities.

In contrast, members in Lagos, Enugu, Kaduna, Rivers, Oyo, and Imo states provided food relief.

Speaking at the food relief exercise at the Ilaje community in Costain, Lagos State, the Country Operations Manager at ALX Nigeria, Helen Eboagwu, highlighted the significance of this initiative, stating, “At ALX, we believe that our mission goes beyond equipping young people with the skills for a successful career in tech.

“We are deeply passionate about the people and communities that host us. This initiative shows our commitment to giving back and making a tangible difference in the lives of those around us.

“The initiative shows ALX’s dedication to social impact and reinforces our core values of fostering a culture of empathy, leadership, and community service among our learners.

“By engaging in these activities, ALX learners gain invaluable life experiences and contribute to Nigeria’s socio-economic development,” Eboagwu emphasized.

As ALX continues to empower the next generation of tech leaders, the organisation remains steadfast in its commitment to creating positive change and uplifting the communities it serves. This CSR initiative marks a significant milestone in ALX’s journey to make a meaningful impact across Africa.

ALX is dedicated to transforming Africa’s future by empowering young people with the skills and opportunities needed to thrive in the tech industry. Through world-class training programmes and a commitment to excellence, ALX is shaping the next generation of tech leaders who will drive innovation and progress across Africa.

 


Kindly share this post
Continue Reading

News

Seplat Donates Two More STEAM Labs in Benin

Published

on

Kindly share this post

The NEPL/Seplat Energy JV has unveiled two more Science, Technology, Engineering, Arts, and Mathematics (STEAM) Labs at both the Edo Boys High School and New Era College, both in Benin City, Edo State. The STEAM Lab project is part of a comprehensive Seplat Innovators Programme (SIP), which complements the Seplat Teachers’ Empowerment Programme (STEP).

The programme is a follow-up on the progress of the trained teachers, to ensure that Science, Technology, Engineering, Arts, and Mathematics (STEAM) learning is passed on to the students, towards improved quality of education.

In her opening remarks, the Director of External Affairs & Social Performance, Seplat Energy, Chioma Afe, who was represented by the Senior Manager, Corporate Social Investment and Performance, Esther Icha, stated that, “Our commitment to education is unwavering, and we are thrilled to collaborate with the Edo State Ministry of Education to provide quality education in the state. These STEAM Laboratories are designed to foster the development of critical thinking, problem-solving, and innovative skills among the students, preparing them for the challenges of the 21st century.”

She further noted that the STEAM approach to learning is a holistic and interdisciplinary approach that encourages students to explore the connections between different subjects, igniting their curiosity and creativity. She also expressed optimism that the laboratories will serve as hubs of learning, where students can engage in hands-on activities, experiments, and projects that will enhance their understanding of the STEAM disciplines.

On her part, the commissioner for Education, Edo State, Joan Oviawe, represented by the Functioning Permanent Secretary, Ministry of Education, Ero Ugiagbe noted that, “Seplat Energy’s commitment to empowering the next generation is truly commendable. The three STEAM Labs you have built and equipped are testaments to your dedication to innovation and education. Your generosity will have a lasting impact on the lives of countless students, providing them with the platform to exploit, learn and bloom. Your contribution to the development of STEAM education in our community is invaluable. We extend our heartfelt gratitude to Seplat for this remarkable feat. Your investment in our future is a beacon of hope and a reminder that collective effort can lead to remarkable achievement.”

It would be recalled that on April 14, 2023, the Seplat JV launched its first fully equipped STEAM Lab in Edo State. The Lab, complete with full internet subscription for a period of 12 months, was donated to Ihogbe College, Benin City, with a sustenance plan in place, to guarantee effectiveness and efficiency of the project.

Both the Principal of Edo Boys High School, Ebewele Christy and her counterpart at New Era College, Osaretin Uwaifo, appreciated Seplat Energy and the NNPCL for generously donating the State-of-the-art facilities to their respective schools. They equally expressed excitement and assured that the facilities will be put to maximum use and to achieve the purpose for which it has been provided.

The event attracted stakeholders in both the education and energy sectors, including the Acting Director, Social Mobilisation, State Secondary Education Board, Mabel Ojiefoh; Acting Director, School Support Management, State Secondary Education Board, Jennifer Aisuan; Acting Director, Shared Services Department, State Secondary Education Board, Ifueko Oseye; Managing Partner Teasoo Consulting Ltd, Sarah Ajose-Adeogu, while the NNPC Exploration & Production Limited (NEPL) was represented by Yemisi Lawal and Owunari Tomikeimieye.


Kindly share this post
Continue Reading

News

Stanbic IBTC Insurance Launches Education Endowment Plan

Published

on

Kindly share this post

Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings, has launched Education Endowment Insurance  Plan, an offering that empowers parents and guardians to secure the academic future of their children or wards.

Targeting young adults,  the underwriting firm said the Education Endowment Plan encouraged parents and guardians to adopt a long-term strategy for investing in the educational future of their children through the launch.

The company aims to raise awareness about the importance of investing in education.

It said by opting for the Stanbic IBTC Education Endowment Plan, parents could benefit from a comprehensive investment solution that safeguards their children’s academic journey.

At the media launch of the product in Lagos, the Chief Executive  Officer Stanbic IBTC Insurance,  Akinjide Orimolade, explained that the Education Endowment Plan offered families a strong financial safety net.

“This product ensures the protection of their children’s education, regardless of life’s uncertainties; providing reassurance and confidence. By making strategic investments today, parents can secure access to education for their children, enabling them to realise their full potential and pursue their aspirations.

“We are proud to launch the Education Endowment Plan campaign, an insurance product that aligns with our commitment to empowering parents in Nigeria to attain financial security for the education of their children,” he stated.


Kindly share this post
Continue Reading

Trending