Flutterwave, a Nigerian payments startup has just raised over $10 million in Series A funding. The round was led by Greycroft Partners and Green Visor Capital with participation from Y Combinator and Glynn Capital.
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. It has already processed over $1.2 billion in payments across over 10 million transactions across Africa.
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. This is because African consumers are severely limited in how they can participate in the digital economy. Credit Card penetration by global card brands like Mastercard and Visa in Africa is less than 3% and accepting local payment methods can be complex for large companies like Facebook, Uber, Google, Netflix, and Amazon.
The new capital will be used to hire more talent, build out its global operations and fuel its expansion across Africa.
“The digital economy is the new global economy. Yet despite its incredible promise, Africa is excluded from it because of several challenges with its outdated and fragmented payment systems. Flutterwave is building modern payments infrastructure to power growth for the digital economy of one of the fastest-growing regions in the world,” says Iyin Aboyeji, CEO, and Co-founder of Flutterwave.
“Flutterwave is building infrastructure and technology solutions that will help modernize African payments. We are excited to be working with this extraordinary team,” says Joe Saunders, Chairman and General Partner at Green Visor Capital, who also joins Flutterwave’s board of directors.”
The company which has offices in San Francisco, Nigeria, Kenya and South Africa accepts 350 currencies across 30 African countries, charging merchants a small service charge, which it shares with banks.