Ripple has invested in African fintech firm Flutterwave in a deal valuing the company at $3.2-$3.3 billion. The partnership will integrate Ripple's RLUSD stablecoin and the XRP Ledger into Flutterwave's network, aiming to make cross-border payments faster and cheaper across Africa. The move highlights the growing use of stablecoins for international commerce and remittances.
Ripple investment in Flutterwave
- ▪Ripple has made a strategic equity investment in the African payments company Flutterwave as part of its Series E funding round
- ▪The investment values Flutterwave at $3.3 billion, according to its CEO Olugbenga Agboola
- ▪Other reports value Flutterwave at $3.2 billion following the investment
- ▪Flutterwave was previously valued at more than $3 billion in a 2022 funding round
RLUSD stablecoin integration
- ▪As part of the deal, Flutterwave will integrate Ripple's U.S. dollar-backed stablecoin, RLUSD, into its payments infrastructure
- ▪The partnership aims to establish RLUSD within Flutterwave's infrastructure for real-world payments across Africa
Cross-border payments infrastructure
- ▪The partnership's goal is to make it faster, cheaper, and easier for businesses in Africa to send and receive money internationally
- ▪Flutterwave will also connect to Ripple Payments and use the XRP Ledger blockchain to process transactions
Stablecoin adoption trends
- ▪Stablecoins are increasingly used for international payments, one of the digital asset industry's fastest-growing use cases
- ▪The global stablecoin supply has reached $300 billion, while Ripple's RLUSD supply is $1.6 billion
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