African payments company Flutterwave has secured fresh investment in a funding round that values the business at $3.2 billion.
The company completed its Series E funding round but did not disclose the amount raised. Flutterwave said the latest investment pushes its total funding above $500 million since its launch.
The funding marks another milestone for the fintech company. Since 2016, Flutterwave has built payment infrastructure that connects African businesses to customers around the world.
Blockchain firm Ripple joined the funding round as a strategic investor. The move strengthens cooperation between the two companies as Flutterwave expands its digital asset and cross-border payment services.
Flutterwave plans to integrate Ripple’s US dollar-backed stablecoin, RLUSD, into its payments network and Send App remittance platform. The company expects the integration to speed up international transactions and improve payment efficiency.
Many African businesses still face challenges when sending money across borders. Slow settlement times, high foreign exchange costs, and limited liquidity often increase the cost of doing business.
Flutterwave believes blockchain technology can help solve these problems. The company says the new system will reduce costs and accelerate payment processing.
The platform will combine traditional payment methods with blockchain technology. Customers will continue using bank transfers, mobile money, and card payments. Businesses will also gain access to faster settlement options.
Flutterwave Founder and Chief Executive Officer Olugbenga Agboola described the partnership as a major step forward for African commerce.
He said the collaboration would create faster and more affordable payment corridors between Africa and global markets. He added that the partnership would help African businesses participate in the growing digital financial economy.
The announcement comes as Flutterwave continues to expand its services. Earlier this year, the company acquired open banking platform Mono. It also secured regulatory approval that allows it to broaden its banking-related offerings in Nigeria.
Flutterwave says its infrastructure has processed more than one billion transactions. The total value of those transactions exceeds $50 billion.
The company expects the new investment to support product development and international growth. Flutterwave also plans to improve access to digital financial services for businesses operating across Africa.
