Nigerian payments startup Flutterwave has raised a Series A funding round of over US$10 million, in order to allow it to expand its operations across Africa as well as hire more team members.
The funding round was led by Greycroft Partners and Green Visor, investing alongside other existing investors – such as Y Combinator – as well as some new investors, including Glynn Capital.
Founded a year ago, Flutterwave provides end-to-end payments technology and infrastructure which enables payment service providers, global merchants, licensed money transfer operators and pan-African banks to process payments to and from Africa with one API integration. It is a graduate of the Y-Combinator accelerator in Silicon Valley.
To date, the startup says it has processed payments to the value of US$1.5 billion, and 14 million transactions.
The startup now wants to use its latest funding round to fuel a rapid expansion across Africa, as well as building out operations globally. Flutterwave is also looking to hire more talent.
“At Flutterwave, we believe that as software eats the world, the digital economy will increasingly become the new global economy. On the internet, anyone can build a global business from anywhere. Yet, for Africans doing business in the digital economy, it is so much harder than it needs to be,” said Iyinoluwa Aboyeji, co-founder and chief executive officer (CEO) at Flutterwave.
“Flutterwave’s global payments solutions will make it easier for Africans to participate in the digital economy so you can make and accept payments for whatever you want, in whatever currency or payment method you want, across the globe.”