Flutterwave, the San Francisco-based payment processing platform that has enriched the transaction infrastructure of businesses worldwide, has just made a giant leap into the investment ecosystem.
The pioneering company recently closed its Series B funding round having raised a whopping $35 million. Flutterwave, led by CEO and co-founder Olugbenga Agboola, was established in 2016. Former bankers, engineers, and innovators created the company with the goal of assisting Africans in establishing global businesses by devising payment technology to link Africa to the global economy. Its payment technology was designed to facilitate seamless integration with international and domestic payment systems.
The closing of the funding round and the announcement of a new partnership represents the dawn of a new day for Flutterwave. The company is now joining forces with Worldpay in Africa, broadening payment solutions across the continent. The deal sets the stage for a lucrative partnership, as Worldpay was acquired by FIS for approximately $35 billion in 2019.
“We’re helping businesses in Africa and globally to accept payment and to scale by being the payment technology that connects Africa to the world,” Agboola notes of Flutterwave’s most recent accomplishments.
In just over three years in existence, Flutterwave has grown to serve more than 10 countries in Africa. As announced in a 2019 overview, the company has taken on nearly 90,000 business customers who make daily transactions, 55,000 of which began working with the company last year. In 2019, Flutterwave processed more the $5.4 billion in transactions, more than doubling its processed transactions in 2018.
The Series B funding round was led by investors Greycroft and eVentures. Flutterwave plans to use the funds raised to increase its market share as well as its product offerings.