A $35 million funding round brings total investment for fintech startup and payment facilitator Flutterwave to $55 million, according to TechCrunch. Flutterwave is headquartered in San Francisco and operates in Africa.
Touting a goal to be “more than just payments,” the company will use the funds towards technology and business enhancements in an effort to grow in its existing markets and expand the services it offers.
The 2016 startup also plans to increase its business development staff and expand its developer team in an effort to grow its market reach into other sectors.
“We don’t just want to be a payment technology company, we have sector expertise around education, travel, gaming, e-commerce, fintech companies. They all use our expertise,” said Flutterwave CEO Olugbenga Agboola (also known as GB) in the same article.
In hopes of becoming a digital bridge between Africa and the rest of the world, Flutterwave has also partnered with FIS (which acquired Worldpay in 2019) to enable any Worldpay merchant in Europe and the U.S. to accept any African payment.
“We’re helping businesses in Africa and globally accept payment and to scale by being the payment technology that connects Africa to the world,” said GB in a Forbes article covering the partnership. “We have built a technology infrastructure that is steadily being recognized as the bridge to connect the payment system.”
In 2019, the company partnered with Alipay to facilitate digital payments between Africa and China and Visa to launch consumer payment product GetBarter.