NewswatchNigeria can report that Flutterwave, a Nigerian-based payments technology company has today closed a $35m Series B financing from a consortium of strategic investors.
Series B financing (also known as series B round or series B funding) is one of the stages in the capital-raising process of a startup. Essentially, the series B round is the third stage of startup financing and the second stage of venture capital financing.
The round was co-led by Greycroft & eVentures with additional participation from CRE Venture Capital, WorldPAY FIS, VISA, Green Visor and Endeavor.
Flutterwave connects the African continent to the world at large by providing the easiest and most reliable payment solutions for businesses around the globe. To date, Flutterwave has processed 100 million transactions valued at over $5.4 billion globally for clients including Uber and Booking.com.
“We’re helping businesses in Africa and globally accept payment and to scale by being the payment technology that connects Africa to the world,” says Flutterwave founder and CEO, Olugbenga “GB” Agboola.
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“We have built a technology infrastructure that is steadily being recognized as the bridge to connect the payment system. We are excited to be working with our newest commercial partners, Visa and FIS, and investors to build the dominant payments platform in Africa.”
With the latest round of funding, Flutterwave will continue to provide innovative solutions to businesses that want to facilitate payments seamlessly. The company’s core offering provides a frictionless payment solution for merchants, banks, and consumers and simplifies how payments are made and accepted.
The new funding will be used to support its expansion across Francophone and North Africa as part of its mission to connect Africa to the world as well as drive efforts to boost market share in existing markets.
On the back of the latest round of funding, Flutterwave has signed commercial agreements with Visa and FIS. The agreement with FIS will allow the global financial technology provider to offer the Flutterwave solution as part of Worldpay from FIS payment solutions to its merchant clients in Africa. Flutterwave is a 2016 graduate of the FIS FinTech Accelerator program.
Additionally, the company’s new partnership with Visa aims to scale its consumer payments service, Barter, through Visa’s QR code payments, card issuance, and global payment processing channels –
enabling efficient service delivery to over 85,000 businesses already using Flutterwave and rapidly growing Barter’s base users. The partnership increases access to digital commerce for African consumers and connects them to the rest of the world with Visa virtual card.
