By Tom Jackson
Nigerian payments startup Flutterwave has closed a US$35 million Series B funding round from a consortium of strategic investors to support its expansion into new African markets.
Launched in 2016, Flutterwave builds modern payments technology and infrastructure for Africa to enable people and businesses to connect with the global economy. Its solution enables banks and merchants to replace multiple payment integrations with one simple API, which enables processing of any form of payment anywhere in Africa.
The startup is already well-backed, raising US$10 million in Series A funding in August 2017 and then an extension round in 2018, and it has now secured a US$35 million Series B co-led by Greycroft and eVentures with additional participation from CRE Venture Capital, FIS, Visa, Endeavor, and Green Visor.
Flutterwave, which already has an active presence in 10 African countries, including Nigeria, Ghana, Kenya, and South Africa, and has so far processed 100 million transactions valued at over US$5.4 billion for global leaders including Uber and Booking.com, will use the funding to expand across Francophone and North Africa, with new target markets including Morocco, Egypt, Senegal, Ivory Coast, Malawi, and Zambia.
“We’re helping businesses in Africa and globally accept payment and to scale Click here to read entire article