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African Fintech Startup, Flutterwave Raises $35m Series B Round to Fund North and Francophone Africa Expansion

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Flutterwave

Flutterwave, an African fintech startup has raised a $35 million Series B funding round co-led by Grey Croft & eVentures. The round was joined by  CRE Ventures, FIS, Visa, Green Visor and Endeavor.

Founded in 2016, Flutterwave provides gateway payments to B2B customers including Uber, Booking.com and e-commerce company Jumia.

Flutterwave CEO, Olugbenga Agboola said it plans to invest the new funds in technology and business development to grow market share in existing operating countries as it plans to expand into regions like Francophone and North Africa.

Flutterwave is fast becoming one of the biggest fintech startups in Africa with a presence in Zambia, Kenya, Tanzania, South Africa, Cameroon, Ghana, Nigeria, Rwanda and Sierra Leone.

Hence, it is no surprise that in 2019 Flutterwave processed $5.4 billion dollars for businesses and individuals.

Flutterwave is well-supported by investors. It raised US$10 million in Series A funding in August 2017 and then an extension round in 2018 to take the total funds raised as at then to $20 million.

Flutterwave investors include Mastercard, CRE Ventures, Fintech Collective, 4DX Ventures, Raba Capital, Green Visor Capital and Greycroft Partners among others.

The African fintech startup has also disclosed that it has partnered with WorldPay. As part of the deal, Flutterwave will become the African payment provider for Worldpay’s clients worldwide. While the agreement is not exclusive, it is WorldPay’s only partner on the continent for now.

“We have built a technology infrastructure that is steadily being recognized as the bridge to connect the payment system,” Agboola said in a statement.

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“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.”

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