Flutterwave, Africa’s payments technology company that provides payment infrastructure for global merchants and payment service providers across the continent is set to acquire British fintech firm Railsr, including its existing shareholders.
Lat year, Sky News reported that the UK-based embedded finance platform, formerly known as Railsbank, was considering a potential sale.Railsr attracted attention from several potential buyers, including rival firms, Flutterwave, as well as a consortium of Railsr investors.
Railsr recently raised $46 million in a Series C funding round. That funding had taken place at a reduced valuation of $250 million which Railsr did not disclose.
Fluttterwave was founded in 2016 by Iyinoluwa Aboyeji, Olugbenga Agboola, and Adeleke Adekoya and is headquartered in San Francisco, California with operations in Nigeria, Kenya, Ghana, South Africa , and seven other African countries.
The fintech has grown to become one of the fastest growing payments companies in the world. Since inception Flutterwave has processed close to $2 billion in payments and 25 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
In 2021, Flutterwave raised a US$170 million Series C funding round, which was the largest amount ever secured by an African tech startup and gave it a valuation of over US$1 billion, making it a unicorn. Also in 2022, Flutterwave raised a US$250 million Series D funding round at over US$3 billion valuation.