Flutterwave has entered a strategic partnership with Worldpay to become its digital payments in Africa. The fintech also raised $35 million Series B funding round led by Greycroft and eVentures.
FIS, a US-based financial service provider backed the funding round. Other participants in the round include Visa, Green Visor and African fund CRE Venture Capital.
Olugbenga Agboola, the company’s CEO told TechCrunch that the fund will be invested in technology and business development. Flutterwave aims to grow market share and develop more payment solutions in existing markets.
See Also: Flutterwave, Visa launch GetBarter, a Consumer Payment Service
The partnership with FIS-acquired Worldpay makes Flutterwave the official payment provider in Africa. Flutterwave will enable merchants overseas process payment using Visa cards and networks. In 2019, it joined forces with Alipay to link the payment gap between Africa and China. It also partnered with Visa to launch a payment product for Africa termed GetBarter.
Flutterwave was launched in 2016 to provide payments for companies in Africa. It allows clients to access its APIs for customized payment applications. The startup processed $5.4 billion in transactions across 10 African countries in 2019. It also gained 55,000 new merchants according to company data. So far, it has raised a total of $55.4 million till date.
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