Flutterwave hits $3.25bn valuation with Ripple backing

Flutterwave has raised fresh funding at a $3.25 billion valuation after securing an investment from Ripple, the U.S.-based blockchain payments company.

The investment forms part of Flutterwave’s ongoing Series E funding round. While neither company disclosed the size of Ripple’s investment, Flutterwave founder and CEO Olugbenga Agboola confirmed that Ripple has become an equity shareholder in the company.

Beyond the capital injection, the deal signals a deeper partnership between the two firms. Flutterwave will integrate Ripple’s dollar-backed stablecoin, RLUSD, into its payments infrastructure, allowing businesses and consumers to move, hold, and convert money using stablecoins across its network.

Traditional international transfers often rely on multiple intermediaries, leading to higher costs and longer settlement times. Stablecoins, which are digital assets pegged to traditional currencies such as the U.S. dollar, are increasingly being promoted as an alternative.

Agboola said Flutterwave chose Ripple because of its payments technology, regulatory standing and expertise in cross-border settlements.

“Cross-border value movement is one of the most underserved and highest-growth markets globally right now,” he said.

Under the partnership, RLUSD and the XRP Ledger will be integrated into Flutterwave’s payment rails. The company expects the addition to increase stablecoin transaction volumes on its platform. They also expect it to strengthen its position in the growing market for international payments.

The deal also reflects Flutterwave’s broader ambition to become a full-service financial platform. Over the past year, the company has expanded beyond payments through acquisitions and new products. These include banking services, digital wallets and stablecoin infrastructure.

“We are now running a multi-product platform,” Agboola said. “We have banking, we have payments, we have everything, and now we have stablecoins.”

Flutterwave’s latest valuation represents a modest increase from the $3 billion valuation it achieved during its Series D fundraising round in 2022. The company said the latest raise is a primary investment. This means the new capital will go directly into the business rather than existing shareholders selling their stakes.

Agboola downplayed the importance of valuation alone, arguing that long-term business performance matters more than headline figures.

“Valuation is useful, but it should not be confused with value,” he said.

The partnership also gives Ripple a stronger foothold in Africa’s payments market. Flutterwave operates across dozens of countries and has spent years building banking relationships and compliance systems that would be difficult for new entrants to replicate.

RLUSD, which launched in late 2024, is backed by cash and short-term U.S. government securities. The stablecoin has grown rapidly and is now among the larger regulated dollar-backed stablecoins in the market.

Flutterwave said customers will be able to choose RLUSD alongside other supported stablecoins when making transactions. Users will also be able to move between local currencies and stablecoins through the platform’s existing banking connections.