Nigerian payments startup Flutterwave makes SA its 5th African market

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Nigerian payments startup Flutterwave is expanding into South Africa with a host of events this month as the well-funded company hits a fifth market on the continent.

Launched in 2016, Flutterwave builds modern payments technology and infrastructure for Africa to enable people and businesses to connect with the global economy. Its solution enables banks and merchants to replace multiple payment integrations with one simple API, which enables processing of any form of payment anywhere in Africa.

The startup is well-backed, raising US$10 million in Series A funding in August 2017 and then an extension round last year to take its total raised funding to date to more than US$20 million. Investors include Mastercard, CRE Ventures, Fintech Collective, 4DX Ventures, Raba Capital, Green Visor Capital and Greycroft Partners.

Having made Uganda its fourth market after Nigeria, Kenya and Ghana last July, Flutterwave is launching in South Africa this month. It will hold the first of a series of Rave’d Up event in Johannesburg on Friday, followed by others in Pretoria and Cape Town, aimed at introducing its flagship product Rave – a single API that allows any business expand to new markets and start accepting payments in the local currency.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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