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Flutterwave Secures Another $35m in Series B Round

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Flutterwave - Investors King
  • Flutterwave Secures Another $35m in Series B Round

Nigeria’s leading payment startup, Flutterwave, announced it has raised another $35 million in a series B round on Tuesday to further its expansion in northern part of Africa.

In a statement released by the company, the funding was led by WorldPay, Visa Inc, and others like Green Visor and Africa Fund CRE Venture Capital.

According to the Chief Executive Officer and co-founder, Flutterwave, Ologunro Agboola, “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. 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.”

The funding would allow Flutterwave to invest in eVentures and Greyrcroft and deepen business development across the african continent.

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.

“This means that all our merchants can accept or install Alipay as a payment type to accept payments from its billion users. There’s a lot of trade between Africa and China and this integration makes it easier for African merchants to accept Chinese customer payments,” Agboola stated after agreement was reached in China in 2019.

The company has so far processed 107 million transactions valued at $5.4 billion, up from 14 million transactions worth $1.5 billion recorded in 2017.

Following the completion of the deal, Flutterwave would now be the payment provider for Worldpay’s clients globally. While Visa, one of the partners, would have Visa physical and virtual cards on Flutterwave network.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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E-commerce

Jumia Grabs Opportunity for Black Friday Deals

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Black friday

Black Friday is a concept that originated in the United States, but the yearly retail fever has had a popularity boom across Africa in recent years, with customers moving to take advantage of the best deals that retailers have available.

Jumia, which is a marketplace with its focus placed on Africa quickly grabbed this opportunity when it first introduced the Black Friday event about nine years ago across its markets in Africa, focusing mainly on Egypt and Cairo which are the company’s top two cities when considering volume of orders.

Since its inception, the company has witnessed staggering levels of success with the event, and company data reveals that the love which consumers have for Black Friday has been increasing across the continent every year.

During the 2020 Black Friday event, the top sellers on the Jumia platform saw a 141% year-on-year increase in the amount of items sold, with one out of three clicks on average being a new customer. The company also said that it witnessed an increase in brand appetite across every one of Jumia’s 10 markets during last year’s sale, which lasted every Friday in November.

The trend is expected to continue this year’s version of Jumia’s Black Friday, as it is running from November 5 until November 30.

The company which is based in Nigeria has entered into partnerships with major brands like Adidas, HP, Unilever and Diageo, as well as with thousands of sellers in order to provide consumers the best deals on a very wide range of products.

The CEO of Jumia Nigeria, Massimiliano Spalazzi told Lagos-based Vanguard that the Black Friday programme has been a success every year, and is the biggest sale of the year.

He also stated that the 2021 Black Friday campaign will place focus on strengthening the company’s position as a brand within the African market, and providing support to the sellers.

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Fintech

NQR Payment Solution Excites Nigerians: Everyone Can Now Pay Sharp Sharp

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Since the NQR payment solution was introduced to the Nigerian market in March of this year, it has reached millions of Nigerians across major markets in different states.  Lagos, Ibadan, Abuja, Kano, Uyo, and Portharcourt are just a few of the states that have witnessed the fast seamless, and reliable NQR payment solution.

Business owners and customers across Nigeria have embraced NQR en masse as a result of the market penetration drive, citing the convenience, speed, and reliability of the payment option.

The NQR Payment Solution is a secure QR-code-based payments and collections platform that allows customers and business owners to accept and make payments for goods and services. The payment system will bring together all of the country’s closed QR code schemes for a more consistent user experience and faster digital adoption.

The campaign was led by several popular celebrities who thrilled the market crowds and showcased how the NQR works. Mercy Johnson, Mercy Aigbe, Odunlade Adekola, Real Warri Pikin, Saddiq Sani Saddiq, Bisola Aiyeola, and Nedu were a few of the ambassadors for NQR.  They encouraged business owners to sign up for NQR, and encouraged customers to make payments with NQR.

The NQR payment solution team recently toured Southern Nigeria, with comedians Edo Pikin and Real Warri Pikin leading the train to sensitize the people about how the NQR merchant app works and how customers can #PaySharpSharp with live demonstrations.

NQR agents also went through the markets educating both business owners and customers about NQR’s benefits. Representatives from several commercial banks were also on ground to address business owners’ concerns. Everyone learned about the NQR payment system and had the opportunity to test it out as well as express their satisfaction with it.

NQR is now available in a store near you.

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Technology

Over 100 Million Windows-targeted Malware Developed in 2021 Alone

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Malware
According to data analyzed and presented by Atlas VPN, 2021 marks a record year for the development of new Windows malware. Even though 2021 has another month to go, cybercriminals have already developed a whopping 107.28 million unique threats targeted at Windows devices.
The data for the analysis was provided by AV-TEST GmbH, an independent research institute for IT security. The figures were last updated on November 23, 2021.
Interestingly, the creation of new malware types targeted towards Windows OS devices has been growing steadily since 2012. On average, the quantity of new malicious software samples grows by 9.5 million or 23% YoY.
This year so far, we see 107.28 million new threats for Windows OS, representing a 16.53 million or 18% increase over 2020.
In other words, cybercriminals employed more of their resources towards Windows OS than ever before. To put things in perspective, threat actors developed around 328 thousand malware samples daily in 2021.
Cybercriminals work together to reduce costs
The fact that malicious software is easier to develop than ever before contributes to this unprecedented increase in risks.
Hackers no longer require advanced programming abilities because they can buy ready-made malware code, customize it to their needs with a little coding, and create an entirely new malware type.
Moreover, the wide availability of hackers-for-hire made prices ridiculously cheap. For example, one of our earlier analyses uncovered that hiring attacks on the dark web cost as little as $250 per attack.

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