Nigerian fintech company Flutterwave was named Africa's most expensive startup this week with a valuation of $3bn, thanks to a new $250m Series D funding round.

Flutterwave is developing a platform that enables cross-border transactions through a single API. In 5 years, the company has processed 200 million transactions worth more than $16bn across 34 countries in Africa.

In 2021, the company launched a number of new products, including Flutterwave Market, an online trading platform, and Send, a money transfer service that allows customers to seamlessly send money to recipients in and out of Africa.

The news was not only in light of the company's prospects, but also continent-wide, especially in the context of the overall growth in funding for African fintech start-ups.

In 2021, fintech start-ups received $2.9bn in funding - 62% of total startup investment in Africa, double the 31% recorded in 2020. Of the five unicorns (startups valued at $1bn or more) emerging in 2021, four represent fintech: Flutterwave, OPay, Wave and Chipper Cash.

With payments still a challenge for businesses and individuals in Africa, fintech looks set to retain its place as the preferred investment destination for African start-ups for a long time to come.