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Flutterwave Closes USD $250m in Series D Funding, Valuation Rises to Over USD $3bn

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Olugbenga GB Agboola, CEO Flutterwave


Flutterwave, a leading technology company, announced today that it has raised USD $250 million in Series D funding, valuing the company at over $3 billion as the brand continues to transform the way Africans transact on the continent and worldwide 

Flutterwave has become the highest valued African start-up with this investment. It is a validation of African talent, innovation and its young inspiring people. It is also a huge endorsement in the growth of the business, innovation and technology landscape in Africa.

Flutterwave’s latest backers include some of the world’s most respected investors led by B Capital Group, and with participation from Alta Park Capital, Whale Rock Capital, Lux Capital, among others. Several existing investors who also participated in previous rounds also followed this round, including, Glynn Capital, Avenir Growth, Tiger Global, Green Visor Capital and Salesforce Ventures. The new funds will drive Flutterwave’s ambitious expansion plan to accelerate customer acquisition in existing markets and growth through M&A, and develop complementary products while encouraging new innovations in its products and services development.  The Company will share more details during the Flutterwave 3.0 event. The virtual event is billed for 18th February 2022 and members of the public can RSVP here . 

Since its inception in 2016, the Flutterwave team has been on a mission to create endless possibilities for customers and businesses in Africa and the emerging markets. The Series D fundraise comes on the back of an impressive run of five years in which Flutterwave has processed over 200M transactions worth over USD $16B to date across 34 countries in Africa. It also follows a year of rapid growth for the brand which now serves over 900,000 businesses across the globe. 

In 2021, Flutterwave launched a range of new products including Flutterwave Market for merchants to sell their goods via an online marketplace and, most recently, Send, a remittance service that empowers customers to seamlessly send money to recipients to and from Africa. Flutterwave has also partnered with leading global and pan-African technology and telecommunication companies such as PayPal, MTN, Airtel Africa to drive financial inclusion on the continent and create endless possibilities for customers who can build customisable payment applications through its APIs.

Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said “Our story is that of resilience and hard work. Our growth so far is due to the support of our customers, our partners, the banks, the public, the regulators, and importantly our people. The Central Bank of Nigeria, under the leadership of Dr. Godwin Emefiele, laid the vision of a transformational Payment System in Nigeria, provided the framework for innovation in this space, and has continued to create regulations that have enabled us to grow and thrive. We are grateful to them and to all the other Central Banks in all the countries where we operate. We set out to build a platform that simplifies payments for everyone and today, our solutions are used across the globe to connect Africans to the world and the world to Africans. We are delighted that investors believe in us and our story and are committing their resources to this belief. This latest funding demonstrates the conviction of some of the world’s leading investors in both our business model, team and the Africa technology market. It gives Flutterwave the much-needed support to deliver on our plans to provide the best experience for our merchants and customers around the world.”

Matt Levinson, Partner at B Capital said, “At B Capital, we seek to back generational companies with broad platform potential. Flutterwave has a unique opportunity to accomplish this as the dominant payments infrastructure provider across Africa. In addition to their emergence as the leading enterprise payments processor for the continent, Flutterwave is innovating at breakneck speed with novel fintech solutions for large corporates, SMEs and consumers. I’ve had the pleasure of backing this world-class team since 2017 and couldn’t be more thrilled that B Capital is leading their Series D. Flutterwave may ultimately build one of the most consequential fintech business in the world, enabling hundreds of thousands of merchants to transact online and connect Africa to the global economy.”

David Glynn, Managing Partner of Glynn Capital, said: “We believe the digitization of payments globally is one of the largest and most important trends in technology. Having been investors in Flutterwave since 2017, we have had a front row seat in seeing Flutterwave establish itself as a leading payments company in Africa as it drives adoption of seamless digital payments experiences for merchants and consumers alike. We look forward to supporting the company as it addresses its significant growth opportunity in the years ahead.”

This latest fundraising has seen Flutterwave’s valuation more than triple since its last funding round in March last year when it became one of Africa’s fastest-growing Unicorn. 

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GRTech

Identity Management Day: Sophos Warns Against Data Breaches Linked to Identity Theft

REPORTER: Sandra Ani

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identity theft -

79% of data breaches are linked to identity theft and cost businesses an average of $4.5 million, according to reports from the Identity Defined Security Alliance (IDSA) and the Ponemon Institute.

Additionally, the 2025 edition of the Sophos Active Adversary Report reveals that the average time between the start of an attack and data exfiltration is only 72.98 hours (3.04 days), while the average time between exfiltration and attack detection is just 2.7 hours.

Cyberattacks are becoming increasingly fast, and the longer a compromised identity remains active, the greater the potential damage.

In light of this, Sophos, one of the world’s leading providers of innovative security solutions designed to neutralize cyberattacks, is taking advantage of Identity Management Day, which takes place on Tuesday, April 8, 2025, to remind businesses of the best practices they should follow to manage and secure digital identities.

Cybercriminals can use a compromised identity to access confidential information, steal data, move laterally within the organization, and launch further attacks.

It is therefore crucial to take immediate action to contain breaches and minimize their consequences.

In this context, automation plays a key role by enabling organizations to respond quickly and effectively to identity-related threats.

Five Automated Measures to Protect Against Identity Theft

1. Disable the User

When an identity breach is detected, one of the first steps is to disable the compromised user account. By preventing the attacker from using the stolen identity to access company systems and data, this measure outpaces the hacker and helps contain the breach.
Automation significantly speeds up this process. With automated response tools, businesses can quickly identify compromised accounts and disable them in real-time. This reduces the attack window and minimizes potential damage.

2. Force Password Reset

Passwords are often the first line of defense against unauthorized access attempts. In the event of an identity breach, it is essential to immediately force a password reset for the compromised account to prevent hackers from using stolen credentials.
Automated rules can be set up to trigger an instant password reset as soon as a breach is detected. This saves time and ensures that the reset process is initiated without delay, reducing the risk of further unauthorized access attempts.

3. Force Multi-Factor Authentication (MFA) Reset

Multi-factor authentication (MFA) adds an extra layer of security by requiring users to enter a verification code in addition to their password. If an identity breach occurs, it is crucial to reset MFA for the compromised account. This means that the user will have to re-authenticate using their MFA tool, which automatically invalidates any stolen authentication tokens the attacker may have acquired.

Automated rules can trigger the refresh of MFA tokens, ensuring that compromised accounts are quickly reauthenticated. This prevents cybercriminals from using stolen authentication tokens to access company systems.

4. Lock the Account

Locking a compromised account prevents hackers from attempting to use it until the issue is resolved. This also gives the organization time to investigate the breach and apply the necessary corrective measures.

Automation streamlines the account locking process, allowing businesses to lock compromised accounts as soon as a breach is detected. This immediate response helps contain the breach and blocks further unauthorized access attempts.

5. Revoke Active Sessions

In addition to disabling the user account and forcing a password reset, it is essential to revoke all active sessions associated with the compromised identity. This ensures that the attacker is immediately logged out of all systems they accessed using stolen credentials.
Automated actions can be configured to revoke active sessions in real-time, instantly disrupting any unauthorized access. This is a critical measure to neutralize the breach and prevent further malicious activity.

For more information, please visit: https://www.secureworks.com/blog/5-critical-response-actions-for-an-identity-breach

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GRTech

Samsung Expands Accessibility with Local Language Integration on Galaxy S25, A56, A36, and A26 Devices

By SANDRA ANI

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Samsung local Language integration launch
L-R: Stephen Okwara, Head, Product Management, Mobile Experience, Samsung Electronics West Africa; Joy Tim-Ayoola, Group Head, Mobile Experience, Samsung Electronics West Africa; Tae Sun Lee, Samsung Electronics West Africa CEO; Oge Maduagwu, Head of Marketing Samsung Electronics West Africa, and Nathan Lee, Regional Business Lead, Mobile Experience, Samsung Electronics West Africa, at the launch of Nigeria local language integration on Galaxy S25, A56, A36, and A26 devices, on April 03, 2025.

Samsung Electronics has taken a bold step in enhancing user experience and inclusivity by introducing Hausa, Igbo, and Yoruba as official language options on selected Samsung Galaxy devices.

The feature, which is now available on the Galaxy S25, A56, A36, and A26 devices, reaffirms Samsung’s commitment to delivering innovative technology that speaks the language of its users.

With this groundbreaking update, Samsung users across Nigeria can now navigate their smartphones in their preferred local language, making technology more accessible, while also upholding our cultural heritage.

A Celebration of Culture and Technology

To mark the launch, Samsung hosted a cultural-themed press briefing featuring traditional music, local cuisine, and a showcase of the new language feature. Employees and guests attended in traditional Yoruba, Igbo, and Hausa attires, celebrating Nigeria’s rich cultural diversity.

Samsung also announced plans to expand local language support to more devices in the near future, reinforcing its dedication to making technology more inclusive for African users.

Empowering Users Through Language

The integration of Hausa, Igbo and Yoruba on Samsung devices reflects the brand’s mission to bridge the digital gap and enhance user engagement. Speaking at the press conference, Oge Maduagwu, Head of Marketing, Samsung Electronics West Africa, said, “At Samsung, we understand that technology is most powerful when it is accessible to all. By incorporating our local Nigerian languages, we are making our devices more intuitive and relatable, ensuring that millions of Nigerians can interact with their smartphones in the language they love and understand best”.

Seamless Language Transition on Galaxy Devices

Stephen Okwara, Head of Product Management, Samsung Electronics West Africa added, “The new local language feature is designed to deliver a seamless user experience, allowing customers to easily switch between languages. Users can activate Hausa, Igbo, or Yoruba on the Galaxy S25, A26, A36, and A56 by navigating to:

Settings > Language & Input > Select Language

“This update enhances smartphone usability, particularly for those who prefer their native language over English, ensuring greater digital inclusivity, enhancing digital literacy and encouraging more users to engage with technology in their native tongues”, he concluded.

Availability

Customers can visit all Samsung Experience Stores or authorized retailers in Nigeria to learn more and experience the feature firsthand.

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NITDA DG Inaugurates National Technical Working Group on Cloud Infrastructure

REPORTER: Sandra Ani

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Kashifu Inuwa DG NITDA during virtual inauguration of TWG on National Cloud Infrastructure
The Director General of NITDA, Kashifu Inuwa, during the virtual inauguration of the Technical Working Group on National Cloud Infrastructure

In a significant move to bolster Nigeria’s digital infrastructure, the National Information Technology Development Agency (NITDA) has inaugurated the Technical Working Group (TWG) on National Cloud Infrastructure.

This initiative aims to enhance local cloud capabilities, attract hyper-scale investments, and position Nigeria as a leading technology hub in Africa. 

Speaking at the inauguration, NITDA’s Director-General, Kashifu Inuwa, CCIE, emphasised the need for accurate data and regulatory frameworks to support these initiatives, necessary for Nigeria to control its digital infrastructure, data, and technological future noting that,

“Without this foundation, we cannot achieve true digital sovereignty. Our goal is to build an ecosystem where both local data centre providers can scale, and global hyper-scalers see Nigeria as a viable investment destination.” 

While identifying lack of accurate data on Nigeria’s IT infrastructure as significant challenge, Inuwa noted that while Africa comprises nearly 19% of the world’s population, it hosts less than 1% of global data centres.

“This disparity, coupled with limited insights into Nigeria’s existing IT capacity, hampers investment efforts and without clear data on our infrastructure, attracting investment becomes challenging,” he said.  

The NITDA boss maintained that, to address this, NITDA commissioned comprehensive research to assess Nigeria’s digital landscape which findings have highlighted the need for improved regulatory frameworks, clearer investment incentives, and stronger public-private collaboration. He added that subsequently upon this, NITDA has engaged global consultants to redefine strategies for cloud development. 

As the TWG embarks on its mission, NITDA urges industry experts, policymakers, and stakeholders to contribute their expertise and resources. “With collective effort, Nigeria can emerge as the premier digital hub for West and Central Africa,” Inuwa concluded.

While corroborating the Director General’s point of views, Acting Director of Regulation and Compliance, Barrister Emmanuel Edet, underscored the importance of regulatory intervention in fostering a robust digital economy.

“Our objective is to establish policies and legal frameworks that support cloud development, enabling us to securely host and manage our data. This is crucial for the growth of our digital economy, he said.”  

He also highlights the necessity of capacity building, stating that, “Equipping ourselves with top-tier training and expertise is essential to fully leverage digital technologies.” Barrister Edet called on all stakeholders to actively participate in shaping Nigeria’s digital future.

“Collaboratively, we must develop a framework that reflects our national interests, and it should be widely accepted. This effort will define Nigeria’s role in the global digital arena, he observed. 

The TWG will help in the drive to attract hyperscale investments and enhance local cloud capabilities by proffering measures to encourage the use of accurate data, recommend the enactment and compliance to enabling policies.

Members of the TWG which includes Google, AWS, IBM, Oracle, Microsoft, HUAWEI Cloud, Equinix, Kasi, Rack Centre, Africa Data Centres, several other data centre operators and the Nigeria Data Protection Commission expressed support and readiness to volunteer and contribute resources.

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