Companies · Fintech

Flutterwave, Inc.Summer 2016Active

SAN FRANCISCO · LA, Nigeria; LA, Nigeria · Fintech · refined from filed group “Other · founded 2016 · https://flutterwave.com

Diligence memoA one-page analyst read on Flutterwave, Inc. — recommendation, valuation, rhythm, risks.
$229.3M
Total raised · real
3
Rounds
4.2×
Latest step-up
Top 2%
Sector rank · raised
Series D+
Latest stage · inferred · Fri Feb 26 2021 00:00:00 GMT+0000 (Coordinated Universal Time)

Flutterwave, Inc. has raised $229M over 3 rounds; too few niche peers to rank its valuation yet.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the fintech sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Dormant
  • Last raise 5.3 yr ago; this sector typically re-raises about every 12 months.
  • Silent for over 3× the sector's normal cadence.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Fintech

Flutterwave, Inc. is one of 1063 Fintech companies tracked from SAN FRANCISCO, LA, Nigeria; LA, Nigeria, on record since 2016. By capital raised it ranks among the largest (ahead of 99% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

AI analyst read est. — model-extracted from this company's public description, not a verified fact. 30%

operates a technology-led product inferred from public copy

Grounded in: “You are a venture analyst

Helping businesses make and accept payments from anywhere in Africa.

At Flutterwave, we are on a mission to build payments infrastructure to connect Africa to the global economy. We do this by building technology, tools, and infrastructure for businesses and banks who want to provide a more seamless and secure payments experience for their customers. Founded in 2016 by a team of African finance and technology veterans from Standard Bank, Angela, PayPal, Google Wallet amongst others. Flutterwave has grown to become one of the fastest growing payments companies in the world. Since inception Flutterwave has processed close to $20 billion in payments and 100 million transactions across over 33 African countries where it currently operates. It has attracted significant investment from experienced Fintech investors such as Ycombinator Continuity Fund (investors in Stripe), Greycroft (investors in Braintree and Venmo), Greenvisor Capital, Omidyar Network, and Glynn Capital amongst others. In 2017 Flutterwave was named Africa’s best fintech company at the Apps Africa Innovation Awards.

Fintechfintech
Find Flutterwave, Inc. online

As reported in public records reported — not modeled.

NG
Jurisdiction
Rule 506(b)
Reg D exemption
18
Investors (latest)
2016
Year incorporated
2021-02-26
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$1.3B$2.5B$3.8B$5.0BSeries B · 2017-07-17 Raised $19M (real) Modeled valuation $603M (est)$19M$603MSeries B2017Series B · 2017-07-17 Raised $15M (real) Modeled valuation $482M (est)$15M$482MSeries B2017Series B · 2017-08-01 Raised $10M (real) Modeled valuation $315M (est)$10M$315MSeries B2017Series C · 2020-01-10 Raised $40M (real) Modeled valuation $1.3B (est)$40M$1.3BSeries C2020Series D+ · 2021-02-26 Raised $170M (real) Modeled valuation $4.7B (est)$170M$4.7BSeries D+2021+$15M+$10M+$40M+$170MCumulative $255M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series B$19.2M · 2017
Series B extension$15.3M · 2017
Series B extension$10.0M · 2017
Series C$40.1M · 2020
Series D+$170.0M · 2021

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 50%.

Modeled valuation trajectory
$4.7B
Base estimate est.
$924.8M
Conservative case
$9.5B
Upside case
$1.4B
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series D+a $100M–$400M round). Valuation is modeled from stage benchmarks scaled by the fintech sector profile. Directional, not a quoted figure.

Series B · modeled $603.3M · 2017-07-172017Series B · modeled $482.1M · 2017-07-17Series B · modeled $314.8M · 2017-08-01Series C · modeled $1.3B · 2020-01-10Series D+ · modeled $4.7B · 2021-02-262021
Model inputs · modeled:benchmark-stage-stepup-v1
12%
Dilution assumption
Implied ownership sold in the financing.
82%
Survival probability
65% low · 90% high
1.30×/yr
Annual markup
1.46×/yr upside case
5.3 yr
Elapsed time used
5.3 yr actual, capped for stale marks
fintech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
11 mo
Avg between rounds
$63.4M/yr
Capital velocity
9.0 yr
On record since
2017
First round
5
Rounds on file
How it compares to the market

Benchmarked against 1063 companies in Fintech. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 53× above median
This company$229.3M
Sector median$4.3M
Latest round — vs other Series D+ rounds in sector (real $, this stage) 1.2× above median
This company$170.0M
Sector median$145.2M
Modeled value — vs sector median (estimate, all stages) 104× above median
This company$4.7B
Sector median$45.1M

Raised more than 99% of sector peers (real $). Modeled value above 99% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series D+) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful.

This companyCohort peer
$1.0B$10.0B$100.0M$1.0BCapital raised (log)Greenlight Financial Technology, Inc. · Series D+ Raised $521.5M · modeled $6.4B (est)RISE WEALTH TECHNOLOGIES GmbH · Series D+ Raised $170.0M · modeled $5.6B (est)Wealthtech Holdings, LLC · Series D+ Raised $188.5M · modeled $5.3B (est)Flutterwave, Inc. (this company) Raised $229.3M · modeled $4.7B (est)Flutterwave, Inc.
CompanyStageRaised · realValue · estvs peer med.
Greenlight Financial Technology, Inc.Series D+$521.5M$6.4B1.17×
RISE WEALTH TECHNOLOGIES GmbHSeries D+$170.0M$5.6B1.03×
Wealthtech Holdings, LLCSeries D+$188.5M$5.3B0.97×
Flutterwave, Inc. this companySeries D+$229.3M$4.7B0.86×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series B$19.2M2017-07-17$106.5M$603.3M90%
Series B$15.3M2017-07-17$85.1M$482.1M90%
Series B$10.0M2017-08-01$55.6M$314.8M45%
Series C$40.1M2020-01-10$267.5M$1.3B90%
Series D+$170.0M2021-02-26$1.4B$4.7B90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series B$19.2M2017-07-17
    • First recorded raise — entered as Series B.
    • 98 investors on this round.
  2. Series B$15.3M2017-07-17
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 92 investors on this round.
  3. Series B$10.0M2017-08-01
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.5× smaller than the prior — bridge or down round.
  4. Series C$40.1M2020-01-10
    • Raised again after 29 mo — slower than the ~12 mo sector norm.
    • Round 4.0× larger than the prior — scaling up.
    • 15 investors on this round.
  5. Series D+$170.0M2021-02-26
    • Raised 14 mo later, in step with the ~12 mo sector norm.
    • Round 4.2× larger than the prior — scaling up.
    • 18 investors on this round.
Intelligence
2022 ~Q1
Modeled next raise · ~11mo cadence
$510.0M
Modeled next size est.range $331.5M$816.0M
4.2×
Last step-up
$63.4M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Joe Saunders2 other2017-07
Joseph Saunders2 other2020-01
Will Szczerbiak2 other2020-01
Iyinoluwa Aboyeji1 other2017-07
Olugbenga Agboola1 other2017-07
Adeleke Adekoya2017-07
James M. Reynolds2021-02
Registry & provenance

Flutterwave, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
NG
Jurisdiction
1712831
SEC CIK
2016
Incorporated
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Jeeves Inc.FintechSeries D+$248.3M$3.6Bsame sector · same stage
TA Fintech Inc.FintechSeries D+$193.0M$955.3Msame sector · same stage
Frubana IncFintechSeries D+$275.0M$358.6Msame sector · same stage
Wealthtech Holdings, LLCFintechSeries D+$188.5M$5.3Bsame sector · same stage
RISE WEALTH TECHNOLOGIES GmbHFintechSeries D+$170.0M$5.6Bsame sector · same stage
Heights Management Holdco, LLCFintechSeries D+$145.2M$2.7Bsame sector · same stage
Genco Shipping & Trading LtdFintechSeries D+$125.0M$4.1Bsame sector · same stage
TaktileFintechSeries D+$118.8M$811.9Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Wave
Mobile money app for Africa
Fintech84%
Fingo Africa
A neobank for Africa's 500 million youth
Fintech78%
Sendwave
Instant, no fee international remittances.
Fintech77%
Touch and Pay Technologies Limited
Digitizing and processing Microtransactions in Africa
Fintech77%
MarketForce
The SuperApp for neighbourhood merchants in Africa.
FintechSeed$12.3M76%
Floatpays Inc
SA fintech startup Floatpays raises $4m seed funding round for African expansion 0 By Tom Jackson on January 26, 2022 News , Southern Africa South African on-demand pay provider Floatpays has secured just under US$4 million in an oversubscribed seed funding round to help it expand across Africa. Founded in 2019 and a participant in the S21 cohort of the Silicon Valley-based Y Combinator accelerator , Floatpays is a technology platform that enables on-demand access to pay, seamless savings functionality and financial education to build employee financial wellness.
FintechSeed$65.8M76%
Paystack, Inc.
Modern payments infrastructure for Africa
FintechSeries A$292.6M76%
Spring in Africa
Investing in innovation
Fintech76%
Frequently asked
How much funding has Flutterwave, Inc. raised?
Flutterwave, Inc. has raised approximately $229.3M in disclosed capital across 3 recorded financing rounds, aggregated from public filings.
What is Flutterwave, Inc.'s estimated valuation?
Provath's modeled valuation for Flutterwave, Inc. is approximately $4.7B (modeled range $924.8M–$9.5B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Flutterwave, Inc. at?
Flutterwave, Inc.'s latest modeled financing stage is Series D+. Its most recent recorded round closed around Fri Feb 26.
What does Flutterwave, Inc. do and where is it based?
Flutterwave, Inc. operates in the Fintech sector, based in SAN FRANCISCO, LA, Nigeria; LA, Nigeria. Helping businesses make and accept payments from anywhere in Africa.
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