Ripple buys stake in Flutterwave, valuing startup at $3.3bn

Flutterwave Inc, one of Africa’s most valuable financial-technology startups, sold an equity stake to Ripple, as it seeks to accelerate growth through payments expansion and strategic partnerships.

The investment by the blockchain company takes Flutterwave’s valuation to $3.3 billion, CEO Olugbenga Agboola said in an interview. He declined to disclose the amount invested or the size of Ripple’s shareholding in the company.

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The startup was valued at more than $3 billion in a 2022 funding round.

“We are getting capital as they have invested cash in us” and deep access to payment infrastructure across the continent, Agboola said.

Ripple’s interest in Flutterwave stems from a shared goal of “moving money quicker and better,” he said. Unlike others who are “participating at commercial level, they’re participating at the equity level, which means obviously they get to participate on the upside,” he said.

The deal reflects the strategic fit between the two companies as demand grows for faster and cheaper cross-border payments across Africa.

Ripple, which provides crypto solutions to businesses in more than 90 countries, has been expanding its presence on the continent through partnerships with South Africa’s Absa Bank and payments provider Chipper Cash.

Flutterwave, which operates in 35 African nations, has been building its own digital-assets business. Last year, it introduced stablecoin-based payment services that allow businesses and consumers to transact in the digital tokens.

The partnership gives Ripple access to one of Africa’s largest fintech networks while providing Flutterwave with additional infrastructure and expertise to expand both traditional and blockchain-based payment services.

Endorsement 

The investment is a very big endorsement of Flutterwave’s ambition, Agboola said.

The company’s priorities include expanding its enterprise payments business among high-value merchants in Nigeria and other core markets, growing cross-border commerce and scaling its microfinance banking operations, he said.

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Earlier this year, the startup founded in 2016, obtained a Nigerian microfinance banking license, allowing it to take deposits and make loans directly rather than relying on partner banks.

“We plan to do a lot more around that,” Agboola said. “We want to do a lot of mergers and acquisition,” he said. “That is very key for us as we see an opportunity to consolidate payment in Africa, that is what we want to do.”

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