Circle backs Flutterwave after Ripple deal valued the fintech at $3.3 billion

Flutterwave Inc., Africa’s largest payments infrastructure company, has secured an investment from Circle Ventures to integrate digital dollar settlement directly into its platform. The investment by the corporate venture arm of Circle Internet Group allows businesses using Flutterwave to collect payments locally and settle them using USDC, a regulated stablecoin.

The integration aims to cut transaction costs and eliminate settlement delays by operating outside traditional banking hours. The deal follows a separate Series E investment from blockchain company Ripple earlier this year, which valued Flutterwave at $3.3 billion. Flutterwave Chief Executive Olugbenga Agboola declined to disclose the specific financial details or the size of the stakes taken by either Circle or Ripple.

Flutterwave integrates digital currencies for cross-border payments

The dual investments point to a shift in how cross-border trade operates across the continent. While the regional financial network has long been fragmented, digital currencies are increasingly used by businesses to access dollar liquidity and manage corporate treasuries.

“Stablecoins like USDC are no longer an experiment; they are becoming core financial infrastructure,” Agboola said in a statement. “By embedding USDC settlement into our current payments infrastructure, we are building a system that lets businesses move money at the speed of the internet. This changes how payments from Africa connect to the world.”

The company is adopting a multi-rail system, meaning it will process transactions using a mix of traditional bank transfers, credit cards, mobile money networks, and blockchain assets. Under its current framework, Ripple’s stablecoin, RLUSD, will serve as the default option for enterprise-grade settlements, while Circle’s USDC expands options for companies already holding that specific asset.

Flutterwave driving tech expansion across Africa

Over the past decade, Flutterwave has raised more than $500 million from institutional investors, processing over 1 billion transactions valued at more than $50 billion. The company has also expanded its regulatory footprint.

It recently secured licenses in Ghana and Uganda, strengthened compliance oversight with Nigeria’s Economic and Financial Crimes Commission, and acquired open-banking startup Mono. The Mono acquisition provided a Nigerian microlending license, allowing Flutterwave to offer credit and hold deposits in its largest market.