Nigerian and American-based fintech, Flutterwave, has gathered 35 million USD in a Series funding and publicized a new collaboration with Worldpay-FIS.
This new association is in line with Flutterwave’s efforts to streamline transactions in Africa. According to Flutterwave boss, Olugbenga Agboola, the firm will use the finances to explore new technologies and expand its business in Africa. The payment provider will also add to its services and product offerings to accommodate more customers.
Flutterwave is an African financial-tech firm headquartered in Lagos, but also has an office in San Francisco where it runs many of its operations.
Looking beyond payments
“Flutterwave is not only interested in being a payment-tech firm; we have the expertise that can benefit the learning sector, travel, the gaming industry, online retail, and so on. They all rely on our services,” said Olugbenga.
The 2016-born company poses mainly as a Business-to-Business or B2B payments provider for African-based firms that make payments overseas or to other continents. And now, it plans to improve its services to accommodate more clients.
Flutterwave already serves the travel industry through Booking.com and Uber, and the online retail sector through Jumia. Last year, it even set up payments for US pop-icon Cardi B during her show in two African countries.
Apart from Nigeria, Ghana, the United States, and the United Kingdom, the company also serves seven other African nations including;
- South Africa
“Our goal is to grow our footprint in those markets, and become the number one payment processing service,” said Olugbenga.
The series B financing now means Flutterwave is Worldpay’s new payment service in Africa.
According to Olugbenga, this new collaboration will allow any European or US-based Worldpay retailer to take any payments from Africa. “We want to enable Africans to pay for abroad services, such as Netflix, with their local cards,” he explained.
It should be remembered that last year, FIS, an American financial provider, bought Worldpay. And while the combined company was—at that time— predicted to rake in 12 billion USD in per-year revenue, Africa was not accounted for.
Flutterwave will now come in to fill that gap by giving Worldpay full access to the African market.
This new partnership means Flutterwave is set to lead Africa in payment services. The company must now gear up to take on a bigger role—i.e., linking Africa to other continents and vice versa.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who has written several worldpay review’s. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie in his backyard porch, as should all right thinking people.