African payments infrastructure company Flutterwave has closed a Series E funding round valuing the business at approximately $3.2 billion, with some reports citing up to $3.3 billion. The round includes a strategic equity investment from blockchain payments firm Ripple, marking Flutterwave’s first major disclosed fundraising since its 2022 Series D.
The exact amount raised in the new round was not disclosed, though Flutterwave has now raised more than $500 million in total equity funding. The Lagos-based company operates across more than 30 African countries, offering unified payment APIs, remittances through its Send App, and other financial tools for businesses and consumers.
The partnership with Ripple goes beyond capital, focusing on deeper technology integration. This includes embedding Ripple’s USD stablecoin RLUSD for settlements, leveraging the XRP Ledger for faster clearing, and connecting Flutterwave’s local networks with Ripple’s cross-border payments infrastructure. The collaboration aims to reduce delays, foreign exchange costs, and volatility in African payments by combining traditional rails like cards and mobile money with stablecoin liquidity for near real-time settlements.
Flutterwave founder and CEO Olugbenga “GB” Agboola described the deal as a pivotal step to scale infrastructure and advance stablecoin-enabled payments. “This partnership is a catalyst for Nigerian and African sovereignty in the digital financial age,” he said. Ripple’s Reece Merrick, Managing Director for MEA, noted that stablecoins are becoming central to Flutterwave’s evolving network.
Flutterwave has processed over one billion transactions worth more than $50 billion to date. Recent moves include the acquisition of Nigerian banking API startup Mono and prior stablecoin work with partners like Polygon Labs. The company continues expanding in remittances and enterprise payments across the continent.
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