Mind Matters Natural and Artificial Intelligence News and Analysis

TagInterswitch

vehicles-on-road-during-daytime-stockpack-unsplash
vehicles on road during daytime

Overcrowded and Chaotic Lagos Is Becoming Africa’s Silicon Valley

Welcome to Yabacon Valley! Mathew Otieno is your tour guide.

This piece by Mathew Otieno originally appeared at MercatorNet (August 7, 2022) and is republished here under a Creative Commons License. Flutterwave is an online payment infrastructure provider headquartered in San Francisco. Its customers include global giants like Uber and Microsoft and tiny local start-ups. In 2021, five years after it was founded, Flutterwave became a unicorn (valued at over a billion dollars). In early 2022, a series D funding round of US$250 million brought that value to $3 billion dollars. If things go well, it plans to IPO within the next two years. Impressive, right? But the most impressive part is that Flutterwave isn’t an American company. It was founded in Lagos by three Nigerians, and its biggest markets…