Flutterwave Secures $170m Fresh Funding

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By Obinna Chima

Flutterwave, one of Africa’s leading payment technology companies has announced that it secured $170 million from a leading group of international investors.

It explained that the move was part of a successful Series C round, led by growth-equity firms Avenir Growth Capital and Tiger Global Management LLC, with participation from new and existing investors.

The funding came on the backdrop of its $35 million Series B funding raised in January 2020.

This round of funding, brings the total investment in Flutterwave to $225 million, making the firm one of the few African fintech companies to have raised significant funds in a period of widespread disruption and economic uncertainty.

Flutterwave recorded revenue growth of 226 per cent Compound Annual Growth Rate (CAGR) from 2018 to 2020, which it attributed to a favourable regulatory landscape, enabled by the Central Bank of Nigeria under its Governor, Mr. Godwin Emefiele.

“Our successes would not be possible without our amazing People, who work tirelessly to achieve our goals, the trust and support we have received from our investors, partners and customers as well as regulatory bodies like the Central Bank of Nigeria which under the leadership of Governor Godwin Emefiele has created enabling environment for technology, innovation and financial inclusion,” the Founder and CEO of Flutterwave, Olugbenga Agboola, said.

Further commenting on the fundraise, Agboola said: “Flutterwave will utilise the funding to continue its drive of empowering small businesses, which are the bedrock of the Nigerian economy, while facilitating smooth digital transformation for both governmental and non-governmental organisations.”

This, he said would also help Flutterwave execute an audacious growth strategy to become a leading global payments company connecting the highly fragmented African digital payments landscape.

“As we look to the future, our focus remains the same, to support our over 290,000 merchants across Africa every day as they strive to build their businesses and grow the economy. We look forward to increasing our investments across the continent, deepening the impact our platform has on lives and livelihoods as we take more businesses in Africa to the World, and at the same time continue to bring more of the World to Africa,” he added.

There are clear indications that Flutterwave will invest the new capital to accelerate customer acquisition in existing and international markets, as well as develop complementary and innovative products such as the newly launched Flutterwave Mobile, an app to help accelerate ecommerce growth as a result of the success of the Flutterwave Stores. The company will also continue collaboration with the public sector in facilitating online payments for crucial projects and programs such as the Abuja-Kaduna online railway booking system, Covid test online booking system, Nigeria immigration services online payment portal, among others.

‘Nigeria’s Reporting Standard Will Be Globally Accepted with Audit Regulations 2020’

Nume Ekeghe

The Acting Executive Secretary and Chief Executive, Financial Reporting Council of Nigeria (FRCN), Mr. Iheanyi Anyahara has reiterated that the new Audit Regulations 2020 will put Nigeria on the global map in terms of reporting standards.

He emphasised that it would mean the country’s reporting standards would be acceptable globally.

Anyahara said this Monday at a stakeholders’ engagement with representatives of shareholders association where they deliberated on the implementation of the audit regulation.

Speaking on the sidelines, he said: “The Audit Regulations 2020 Act was signed by the Minister for Trade and Investment, Mr. Niyi Adebayo and it is geared towards eliciting stakeholders’ buy-in into the regulation so that financial reporting in Nigeria would be credible and would be at the level acceptable globally.”

To this effect, Anyahara said the council is currently discussing with development partners.

Additionally, he said the Council has received positive assurances from some international and local to deploy resources to assist in the area of capacity building.

He added: “With pandemic, this regulation providing increased transparency for investors and other stakeholders, are expected to be in high demand. “However, assurance by independent qualified professionals to enhance the credibility of corporate reporting will need to be pursued with vigour by all affected professionals.

“Our engagement with members of shareholders association is strategic as we decided to use today’s exercise, to personally and specially request that your associations devote considerable time to consider the audit regulation for a meaningful and quality contribution towards effective implementation of the audit regulation,” he said

Highlighting some objectives of the regulation, he said: “It would provide legal and regulatory framework for minimum practice guideline for auditors in Nigeria and to give effect to the provisions of the Act.

“To ensure that all activities of Registered Auditors and other professionals in the financial reporting process are regulated with a view to sustaining best ethical practices capable of promoting quality audit services.

“To regulate and ensure that all registered auditors carry out their professional duties in a manner to earn the trust of clients and promote the image of the profession and the country.

“To ensure that Recognised Supervisory Bodies (RSBs) comply with these regulations through a well-defined delegated arrangement; prescribes penalties for non-compliance with these Regulations.”

Furthermore, he said: “One of the critical concerns on the implementation of the Audit Regulations is the capacity. We are currently discussing with development partners in this regard. I am pleased to inform you that the Council has received positive assurances from some bodies internationally and locally to deploy resources to assist and such will be extended to your association.

“This is an area your associations need to partner with the Council to build the required capacity.”