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Lagos-based Fintech Startup Flutterwave Raises US$35M Series B Round

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Lagos-based Fintech Startup Flutterwave Raises US$35M Series B Round

Flutterwave, a FinTech startup based in Lagos, Nigeria has secured US$35 million in a Series B round.

The startup will use the funding to invest in technology and business development to grow market share in existing operating countries according to the report published earlier on TechCrunch. The company will also expand to offer more services around its payment products.

“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,” said Olugbenga Agboola, Flutterwave’s CEO.

Flutterwave which was founded in May 2016 by a team of African ex-bankers, engineers and entrepreneurs is a payments infrastructure for banks and businesses helps to drive their growth across Africa. 

Read: Kenyan Startups Raised a Record US$187.4M in 2019 Over 41 Disclosed Deals

Flutterwave works with Pan-African Banks to provide these companies with the underlying technology and integrations to payments in local currency with local debit cards, bank accounts or mobile wallets across 30 African countries. The company counts Uber, Booking.com and e-commerce company Jumia as its customers.

The startup has processed 107 million transactions worth US$5.4 billion in 2019 which was over two times the transaction count for 2018. Fluuterwave has also announced a partnership with Worldpay FIS which will make Flutterwave the payment provider for Worldpay in Africa.

“With this partnership, any Worldpay merchant in Europe or the U.S. can accept any African payment. If someone goes to pay Netflix with an African card, it just works,” Olugbenga Agboola said.

To date, the company has raised a total of US$55 million making it one of the highest-funded startups in Africa.

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