Flutterwave Secures Another $35m in Series B Round

• 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.