When Flutterwave wanted to raise $100 million in Jan. 2021, it pitched a compelling set of metrics to investors. Its revenue had grown from $5 million to $55 million between 2018 and 2020. Gross profit was $26 million with a 48% margin. Its services were used in 20 countries, thanks to the hard work of over 270 employees.
Based on these numbers (as recorded in an investor presentation seen by Quartz), the licenses it had in six African countries, and plans to introduce new products, the company projected it would hit nearly half a billion dollars in gross profit by 2025 with a margin over 50%.
Tiger Global and other investors ended up giving Flutterwave $170 million in Mar. 2021, valuing it at a billion dollars for the first time. It capped a stunning rise for a startup that was worth $150 million 18 months earlier. Flutterwave has raised more and is valued at over $3 billion today, becoming Africa’s most valuable, talked about tech company.
Read the rest of this story on qz.com. Become a member to get unlimited access to Quartz’s journalism.
Originally published on Quartz : Original article