Electronic payments company, Flutterwave, has been quite the rave on social media this week after it raised $170 million in investments, a move that pushed its valuation to more than $1 billion.

Nigeria's bustling commercial capital city of Lagos is home to some of the most innovative young minds on the planet, with a tech ecosystem that has blossomed from the rustic Yaba community to every corner of an overpopulated city.

Flutterwave's latest investment breakthrough underlines Nigeria's growing tech and mobile money solutions reputation, arriving on the heels of Paystack's acquisition by Stripe in 2020 for $200 million.

All of which has left Governor Babajide Sanwo-Olu of Lagos giddy with excitement.

"Huge congratulations to Gbenga and the entire team of @theflutterwave for this landmark achievement. Stories of how they are enabling SMEs are everywhere around us and as a government, we are committed to supporting deeper interaction," Sanwo-Olu shared in a tweet.

Flutterwave was founded in 2016 by young Nigerians Iyinoluwa Aboyeji and Olugbenga Agboola.

Flutterwave's CEO and co-founder, Agboola, says the company, headquartered in San Francisco and Lagos, will soon be listed on the New York stock exchange.