Flutterwave, a U.S. and Lagos-based fintech that’s on a mission to build payments infrastructures to connect Africa to the global economy, has reportedly secured $35 million through its Series B funding round. Along with the investment announcement, the company revealed it is now teaming up with Worldpay for payments in Africa.
Founded in 2016, Flutterwave stated it creates the infrastructures by building technology and tools for both businesses and banks that want to provide a “more seamless and secured” payment experience for their customers.
“Flutterwave has grown to become one of the fastest growing payments companies in the world. Since inception Flutterwave has processed close to $2 billion in payments and 25 million transactions across over 33 African countries where it currently operates.”
CEO of Flutterwave, Olugbenga Agboola, revealed to TechCrunch:
“We don’t just want to be a payment technology company, we have sector expertise around education, travel, gaming, e-commerce, fintech companies. They all use our expertise. We want to scale in all those markets and be the payment processor of choice. Our business goes beyond payments. People don’t want to just make payments, they want to do something.”
The media outlet also revealed that Flutterwave processed 107 million transactions worth $5.4 billion in 2019. In regards to the partnership with Worldpay, Agboola added:
“With this partnership, any Worldpay merchant in Europe or the U.S. can accept any African payment. If someone goes to pay Netflix with an African card, it just works.”
The company is planning to use the investment round’s funds for continuous growth and development of its platform.
