Valued At $150 Million, Fluterwave Becomes Africa’s Most Valuable Startup

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The Nigeria-based payment technology company made it to the recently published YCombinator’s list of the most valuable companies that have graduated from the accelerator.

The list provided by YCombinator was published on Wednesday, 2nd of October, containing a total of 102 startups that have benefitted from the American seed accelerator, and among the list is the Nigeria-based payment technology company-Flutterwave, who also made it as far as the top-20 on the list.

According to a reliable source, Techpoint, each of the companies on the list is valued at $150 million at least, making up for an overall $155 billion valuation. While that’s not the only intriguing revelation made by YC; the seed accelerator also confirmed that the companies responsible for the said evaluation have also done so well to have created not less than 55,000 jobs.

Launched in March 2005, YCombinator has been in the seed-funding business, and at that, has used its platform to launch over 2000 companies including Dropbox, Airbnb, Stripe, Reddit, Optimizely, Zenefits, Docker, DoorDash, Mixpanel, among several others.

The seed accelerator usually invests $120,000 twice in a year, in each of the startups that participate in its program, after which “the founders will be a move to Silicon Valley where they work with YC for three months and participate in the Demo Day to access support, mentoring, and more funding.”. YC in the long run also stands to enjoy a 7% equity in return from the respective startups that participated under its program.

Also, while this is not the first time that YC is publishing a list of valuable startups under its watch, it did the same last year, 2018, which also marks the very first time for the company. Interestingly, a majority of the companies that made it to the list in 2018, are also present on this year’s too, although this year marks the first time that a Nigeria and Africa startup will be enlisted.

According to a pie chart provided by YC, North America startups dominated the list by a whopping 87.3% margin, while the Asia region followed suit, although with only 4.9%. Europe, South America, and Africa were the last three on the regional list of the most valuable companies, with 3.9%, 2.9%, and 1% respectively.

About Flutterwave, the Nigeria-based fintech startup was co-founded in 2014, by Olugbenga Agboola and Iyinoluwa Aboyeji. With its headquarter located in Lagos City, the fintech startup have been able to raise a total of $20.1 million to date, and currently ranked at 97th on the YC’s list of the most valuable companies that passed through its seed acceleration program.

 

 

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