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Flutterwave Raises $35m For Expansion

by kenya-tribune

Nigerian fintech App Flutterwave has raised $35Million looking to expand beyond finance. The payment solution also announced a partnership with Worldpay FIS for payments in Africa, becoming the first African partner for the global payment processing firm. Flutterwave is a fintech founded in Nigeria, working with businesses to customize payment applications.

According to Techcrunch, the firm will use the funding to invest in technology, as well as grow its market share. First, the start-up will now provide more solutions in sectors like education, travel, and gaming, aligning their business solutions with specific client needs. Besides, the new funds will help drive the expansion into northern and francophone Africa.

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“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,” CEO Olugbenga Agboola told Techcrunch.

The company also partnered with Visa, allowing it to issue physical and virtual cards and process payments.

So far, the company has processed 107 million transactions totaling to $5.4 billion. Moreover, Flutterwave has a reputable portfolio of clients, working with Uber, Jumia, and Booking.com.

The new partnership will make Flutterwave Worldpay’s sole African partner, servicing WorldPay merchants in the continent. However, there are no agreements that Flutterwave is the exclusive partner in the continent.

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