Flutterwave has secured a strategic investment from Ripple as part of its Series E round, valuing the company at $3.2 billion.
The deal embeds Ripple’s RLUSD stablecoin and XRP Ledger into Flutterwave’s infrastructure to replace slow correspondent banking.
Flutterwave has processed more than one billion transactions worth over $50 billion since its founding in 2016.
Flutterwave, the African payments company that has processed more than $50 billion in transactions, is overhauling its underlying infrastructure to run on stablecoins, dollar-backed digital currencies that settle in seconds rather than days. Blockchain payments company Ripple has made a strategic investment in Flutterwave as part of its ongoing Series E round, valuing the Lagos-founded company at $3.2 billion.
Flutterwave will embed Ripple’s USD-backed stablecoin, RLUSD; its Ripple Payments network; and the XRP Ledger directly into its payment infrastructure. The result, the company says, will be a settlement layer that connects African businesses to global markets without routing through the slow, expensive correspondent banking system that currently handles most cross-border flows.
