Nigerian fintech startup Flutterwave has raised $35 million in Series B from a consortium of investors, media reports said. In addition, fintech has partnered with WorldPlay and Visa as part of its expansion into northern and Francophone Africa.
Flutterwave’s Series B round was co-led by Greycroft & eVentures. Other investors such as CRE Venture Capital, FIS, VISA, and Green Visor also participated in the funding.
The Series B investment brings its total investment to date to $55 million. It raised $20 million in Series A funding in 2017. The proceeds from the current funding will be used to invest in advanced technology and business development. This in turn will help the fintech startup to grow its existing business operations. Flutterwave is also planning to expand its developer team, the media reports said.
Flutterwave’s partnership with WorldPlay will make it the payment provider for WorldPlay Africa. This will allow any WorldPlay merchant in the US or Europe to accept all African payments.
CEO Olugbenga Agboola told TechCrunch, “We want to scale in all those markets and be the payment processor of choice. Our business goes beyond payments. People don’t want to just make payments, they want to do something.”
The fintech aims to offer a wide-range of services related to its payment products to meet client needs across sectors. Flutterwave was launched in 2016 by Iyinoluwa Aboyeji, who quit the company in 2017.
Flutterwave is headquartered in San Francisco. To date, it has processed 100 million transactions worth over $5.4 billion for global leading startups such as Uber and Booking.com.