Ripple Invests in Flutterwave, Valuing Nigerian Fintech at $3.25 Billion to Expand Stablecoin Payments Across Africa

Ripple, a US blockchain payments company, has invested in Nigerian fintech leader Flutterwave in a funding round that values the company at up to $3.25 billion, marking an 8% increase from its 2022 valuation. The partnership aims to integrate Ripple's dollar-backed stablecoin, RLUSD, and its business-focused blockchain platform into Flutterwave's payment systems, including its Send App remittance platform. This integration is designed to make cross-border payments faster, cheaper, and more seamless for businesses and individuals across Africa, where traditional international transfers often face multi-day delays and high costs.

Flutterwave, which operates in 35 African countries and has processed over one billion transactions worth more than $50 billion, plans to use the new investment to accelerate its expansion into stablecoin-powered payments and pursue mergers and acquisitions. CEO Olugbenga Agboola stated that the company aims to consolidate African payments into a single platform, becoming a one-stop shop for businesses and consumers. Earlier this year, Flutterwave acquired Mono, a Nigerian startup providing consumer financial data access, and in April it secured a Nigerian micro-banking license to hold customer deposits.

The deal comes amid rising demand for stablecoins in Africa, where high inflation and external shocks such as the Iran war have driven consumers to seek safe currency stores. In Nigeria, which accounts for about 60% of stablecoin inflows into sub-Saharan Africa, the tokens serve as both a hedge against currency risk and a tool for paying overseas suppliers, according to IMF executives. The global supply of stablecoins has grown 40-fold to over $270 billion since 2020, reflecting their expanding role in traditional finance beyond crypto trading.

Flutterwave has disclosed nearly $500 million in investment over the past decade from firms including Visa, Mastercard, Salesforce, and Tiger Global. Agboola has expressed interest in an initial public offering, noting a desire to list in Nigeria as a starting point, but the new private funding round extends the timeline. The company's current focus remains on deepening its services through acquisitions and growing its business, with Agboola adding that Flutterwave provides and will look to add other stablecoin options beyond Ripple. Ripple's Managing Director for the Middle East and Africa, Reece Merrick, said the partnership will strengthen real-time payment capabilities and improve financial connectivity across the continent.