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06/17 13:50Bullish

Ripple Buys Stake in Africa’s Flutterwave at $3.3B

#World Cup Predictions: 100,000 USDT Daily #BTC Prophet: 20-Day 380 Million HTX Challenge #HTX Creation Challenge — Post and Win 1,500U 💥 Ripple Buys Stake in Africa’s Flutterwave at $3.3B Valuation Ripple bought an equity stake in Flutterwave, valuing the fintech at $3.3 billion. CEO Olugbenga Agboola declined to disclose the amount or Ripple's stake size. The deal deepens Ripple's push into Africa's cross-border payments market. Ripple has acquired an equity stake in Flutterwave, one of Africa’s most valuable fintech startups, in a deal that values the company at $3.3 billion. In an interview with Bloomberg, Flutterwave CEO Olugbenga Agboola said the deal brings Flutterwave both fresh capital and a strategic partner as it pushes to expand its payments business across the continent. However, he declined to disclose how much Ripple invested or the size of its resulting shareholding. Agboola also claimed that Ripple is buying equity rather than entering into a commercial agreement. “They’re participating at the equity level, which means obviously they get to participate on the upside,” he told Bloomberg. The investment lands as demand grows for quicker, lower-cost cross-border payments in Africa, a market both firms are racing to serve. Ripple, which provides crypto-based payment solutions to businesses in more than 90 countries, has been steadily building its African footprint through partnerships with South Africa’s Absa Bank and payments provider Chipper Cash. Flutterwave, which operates in 35 African countries, has been moving deeper into digital assets in parallel. Last year it rolled out stablecoin-based payment services that let businesses and consumers transact and hold dollar-pegged tokens, part of a broader bet on blockchain rails for the region. The deal gives Ripple access to one of Africa’s largest fintech networks, while handing Flutterwave additional infrastructure and expertise to grow both its traditional and blockchain-based payment offerings.

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