Flutterwave Inc., one of Africa’s most valuable fintech startups, has sold an equity stake to Ripple, a leading provider of blockchain-based enterprise solutions for traditional and digital finance globally.
According to a statement from Flutterwave, the investment from the blockchain company is part of its Series E funding round and values the unicorn at $3.2 billion.
“They’re participating at the equity level, which means obviously they get to participate on the upside,” Chief Executive Officer Olugbenga Agboola told Bloomberg.
He, however, declined to disclose the size of Ripple’s investment or the extent of its shareholding in the company.
The deal underscores Flutterwave’s continued push to scale its payments infrastructure across Africa, while deepening ties with global players in the blockchain and cross-border payments ecosystem.
The investment comes at a time when demand for faster and lower-cost cross-border payments continues to rise across Africa, a space where both companies are increasingly active.
Ripple, which offers blockchain-based payment solutions in over 90 countries, has been steadily expanding its footprint on the continent through partnerships with institutions such as South Africa’s Absa Bank and payments firm Chipper Cash.
Flutterwave, which operates in 35 African markets, has also been gradually moving deeper into digital asset infrastructure. Last year, the company introduced stablecoin-based payment options, allowing businesses and consumers to transact using dollar-pegged tokens as part of a broader push into blockchain-enabled settlement systems.
The deal gives Ripple access to one of Africa’s largest fintech networks, while providing Flutterwave with additional infrastructure and technical expertise to scale both its traditional payments business and emerging blockchain offerings.
Meanwhile, Ripple continues to strengthen its presence in the Middle East and Africa. The company recently expanded its regional footprint with a new headquarters at the Dubai International Financial Centre, a move that positions it to scale operations across key emerging markets.
