WorldPay and Visa back African payments firm Flutterwave

Flutterwave raises $35 million to expand operations

Flutterwave raises $35 million to expand operations

Nigerian fintech powerhouse Flutterwave today announced it has closed a $35 million series B funding.

In addition to all other growth strategies followed by Flutterwave, its recent partnership with Worldpay is an aim to expand its services and become the payment provider for Worldpay in Africa.

Other countries where the startup has spanned its operations are Uganda, South Africa, the U.K., Zambia, Kenya, Tanzania, and Rwanda.

Why it matters: The funding, which was led by VC firms, eVentures and Greyrcoft would now allow Flutterwave invest in its technology and business development as well as grow market share in its existing operating countries. Some of its existing customers now include, vehicle hailing firm, Uber; and e-commerce company, Jumia. The company's developers customize payment applications by making APIs accessible to clients. Our business goes beyond payments.

US financial services provider, FIS, acquired Worldpay in 2019 for $35 billion. At the time of purchase, it was projected that the two companies would generate revenues of $ 12 billion annually, but neither has a notable presence in Africa.

FIS Ventures chief Joon Cho confirmed the partnership with Newsdio. FIS also supported the $ 35 million Flutterwave Series B.

Flurtterwave had raised $55 million in series A round three years ago and in 2019 partnered Alipay to open up more opportunities for African merchants.

As a sector, fintech earns most of the business flow and most of the initial capital that flows to African startups annually.

Founded in 2016 by current CEO, Olugbenga "GB" Agboola, and erstwhile CEO and co-founder of Andela, Iyinoluwa "E" Aboyeji, Flutterwave has excelled at connecting the African continent to the world at large by providing the easiest and most reliable payment solutions for businesses around the globe.

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 deal is in partnership with payment processing company, WorldPay and payment giant, Visa.

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