Flutterwave raises $35m in Series B round



Flutterwave, a Fin-tech startup in Lagos, has raised $35m in a Series B round. Not only that, they as well announced their new partnership with World Pay FIS and Visa as they hope and work towards expanding to the Northern and Francophone areas in Africa.

The round of funding was led by Greycroft Partners and eVentures and they also had additional participation from Green Visor, Endeavor, Visa, FIS and CRE Ventures.

With the new funding, Flutterwave aspires to become the payment provider in Africa for Worldpay's clients all around the world. They as well plan to get more business development staff to help grow its business as well as its market share in the countries where it currently operates.

The company also has plans to profer more services with its payment products to enable them to provide more solutions that will meet the needs of their client base in various sectors way beyond the payment options.

Flutterwave will be the latest African fin-tech startup to attract global cash and a big name partnership such as this.

With its commitment to Visas investment to the latest funding round, Flutterwave will scale up and expand the payment platform known as Barter by Flutterwave, thus allowing it to issue physical and virtual visa cards and process payments with the use of the visa network.

In 2019, the fin-tech company processed 107 million transactions estimated to be worth $5.4 billion. The startup operates in Nigeria, Ghana, South Africa, Uganda, Kenya, Tanzania, Zambia, the U.K, and Rwanda.

Flutterwave also recently partnered with a cryptocurrency exchange platform, Binance to enable Nigerians to buy Bitcoin with the Naira.

With this latest funding, the company's total investment is around $55 million. With this and the new partnership, Flutterwave becomes unique in Africas fin-tech space.

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