Flutterwave becomes Africa's most valuable startup

Flutterwave, a Lagos-based digital payments platform, raised $250 million in Series D funding led by B Capital Group at a valuation north of $3 billion.

Why it matters: This makes Flutterwave the most valuable startup in Africa, topping OPay and Chipper Cash. It also comes amid a funding boom for fintechs operating in countries like Nigeria, where over half the population is unbanked.

Other investors include Alta Park Capital, Whale Rock, Lux Capital and insiders Avenir Growth, Tiger Global, Glynn Capital, Green Visor and Salesforce Ventures.

The bottom line: "While Nigeria's banks allow for easy digital payments, more than 90% of transactions are still performed in cash, providing a huge opportunity for new entrants. Investors are betting on growth despite Nigeria's moribund economy, rampant joblessness and soaring inflation." — Neil Munshi, FT