Flutterwave Gets $35 Million Funding for business expansion across Africa

By InstinctBusiness Jan 22, 20200

An Africa-focused financial-technology company, Flutterwave, said it raised $35 million and will work in partnership with WorldPay and Visa as it seeks to expand across Africa.

The startup founded in 2016 and based in San Francisco, will become the African payment provider for Worldpay’s clients worldwide, it said recently in an emailed statement.

According to the Chief Executive Officer, Olugbenga Agboola, he said: “We are excited to be working with our newest commercial partners, Visa and WorldPay FIS, and investors to build the dominant payments platform in Africa”.

Flutterwave is the latest payments company operating in Africa’s most populous country of more than 200 million people to secure partnerships with global payments giants. Visa recently bought a 20% stake in leading Nigerian payments provider Interswitch Ltd, raising its valuation to $1 billion.

Notably, with its latest Flutterwave’s $35-million Series-B round, the fintech startup will have raised a total of $55.4-million in disclosed venture capital deals since it launched.

The pan-African payments solutions company has an active presence in 10 African countries, including Nigeria, Ghana, Kenya and South Africa.