Nigerian startup Flutterwave to expand to North Africa after raising $170 million

2021-03-11 17:06:13
Nigerian startup Flutterwave to expand to North Africa after raising $170 million

Flutterwave, a Nigerian financial technology startup plans to expand to North Africa after it secured $170 million in capital injections from investors, the firm said in a statement Wednesday.

The new capital flows -- facilitated by "a leading group of international investors" -- will bolster Flutterwave's client base in the global market, the statement said.

Financial technology, abbreviated fintech, is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services.

"The fundraise brings the total investment in Flutterwave to USD $225 million and is one of only a very small number of African fintech companies to have raised significant funds in a period of widespread disruption and economic uncertainty," the statement added.

Launched in 2016 as a Nigerian and U.S.-based payments company with offices in Lagos and San Francisco, Flutterwave helps businesses build customizable payments applications through its application programming interface.

The company's Nigerian chief executive, Olugbenga Agboola, said on social media Wednesday that the tech firm had aimed to "build a payments technology infrastructure that connects Africa to the global economy by making local and international payments seamless."

"We knew this would be incredibly difficult but we continued," he added, in a Twitter thread Wednesday morning.

The fintech company -- famed for its "seamless and secure" payments system -- has gone on to process in excess of $1 billion in transaction value, Agboola said.

Flutterwave is renowned for creating a digital store -- helping SMEs to remain in business -- in the wake of Covid-19 lockdowns. More than 1,000 SMEs across Africa have signed up to display and sell their products online using the Flutterwave store.

Flutterwave says more than 290,000 businesses use its platform to carry out payments. And according to the company’s statement, they can do so “in 150 currencies and multiple payment modes including local and international cards, mobile wallets, bank transfers, Barter by Flutterwave.”

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