Nigeria payment firm Flutterwave gets $35 million funding

Marco Green
January 24, 2020

Fintech startup Flutterwave recently closed a $35 million Series B funding round.

Tech companies in diverse sectors from education to e-commerce depend on Flutterwave's payments infrastructure.

It offers business to business payment solutions and services for companies whose operations are based in Africa. The company has enabled customers in these countries to build customizable payment applications through its APIs. Some of its existing customers now include, vehicle hailing firm, Uber; and e-commerce company, Jumia.

It has so far processed 107 million transactions worth $5.4 billion up from 14 million transactions worth $1.5 billion it did in 2017.

Flutterwave now has an active presence in ten African countries, including Nigeria, Ghana, Kenya, and South Africa.

Agboola also said, "We want to scale in all those markets and be the payment processor of choice". Our business goes beyond payments. It allows individuals to make payments internationally.

Flutterwave is now the African payment provider for Worldpay clients around the world. Under this partnership, Worldpay merchants, for instance, Netflix, in Europe and the US can accept African payment. If someone is going to pay Netflix with an African card, it just works, "said GB".

USA financial services provider, FIS, acquired Worldpay in 2019 for $35 billion. However, between the two organizations, there was still a significant gap in coverage across Africa. FIS also supported the $ 35 million Flutterwave Series B.

Flutterwave's main backer in the fundraising round was venture capital firm Greycroft & eVentures, with other large backers including CRE Ventures, WorldPay FIS, Visa, and Green Visor.

Flutterwave's first series A funding happened three years ago when a total of $55 million was raised. These transactions, alongside the recent funding and partnership have helped the company stand out in Africa's digital-finance landscape.

The Flutterwave platform has served the growing payment needs of B2B businesses driven by the decade of growth and reform that has taken place in the central economies of Africa.

The value created by the startup is highlighted not only by the transactional volume generated by the company, but also by the associations it has attracted. The company also has formed partnerships with various other companies to deliver digital payments, including Alipay by Alibaba.

Other reports by Click Lancashire

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