Flutterwave is now worth more than some African banks — how should incumbents respond?

African payments company Flutterwave announced yesterday that it has closed $170 million in funding, valuing the company over $1 billion.

The Series C round was led by New York-based private investment firm Avenir Growth Capital and US hedge fund and investment firm Tiger Global. New and existing investors who participated include DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Partners, Salesforce Ventures, Tiger Management, Worldpay FIS and…