Ripple, a blockchain payments companies, has invested in Nigerian fintech giant Flutterwave in a funding round that values the company at $3.2 billion, in a move aimed at making cross-border payments faster, cheaper and more seamless for businesses and individuals.

For Nigerian businesses importing goods, paying overseas suppliers or receiving payments from international customers, moving money across borders can often be slow, expensive and complicated. The same challenges affect individuals sending money to family abroad, paying school fees overseas or receiving remittances from loved ones.

Flutterwave says its new partnership with Ripple is designed to address these challenges by integrating blockchain-powered payment infrastructure and RLUSD, Ripple’s dollar-backed stablecoin, into its payment systems and Send App remittance platform.

According to the company, the partnership will enable faster settlement of international transactions, improve liquidity and reduce the costs associated with moving money across countries.

The collaboration combines traditional payment methods such as bank transfers, cards and mobile money with blockchain-based settlement technology that processes transactions more efficiently behind the scenes.

For businesses, this could mean quicker payments to suppliers and faster access to international revenues. For individuals, it could lead to smoother remittances and cross-border transfers with fewer delays and lower transaction costs.

Flutterwave Founder and Chief Executive Officer, Olugbenga Agboola, said the investment marks an important milestone in the company’s ambition to make moving money across Africa and beyond easier and more affordable.

Ripple’s Managing Director for the Middle East and Africa, Reece Merrick, said the partnership will strengthen real-time payment capabilities and improve financial connectivity across the continent.

Flutterwave, which has processed more than one billion transactions worth over $50 billion, said the new investment will accelerate its expansion into stablecoin-powered payments and strengthen its role in building the infrastructure powering global money movement.