The San Francisco-based payments technology company focusing on Africa has acquired a Series B round of financing from a consortium of strategic investors.
Participants in the financing round include Greycroft & eVentures, CRE Venture Capital, FIS, VISA, and Green Visor. Flutterwave has also announced a partnership with payments processing company Worldpay as its seeks to expand its operations into Francophone and North Africa.
Flutterwave has also signed commercial agreement with Visa and FIS. The agreement with FIS will allow the global financial technology provider to offer the Flutterware solution as part of Worldpay payments solutions to its merchant clients in Africa.
Flutterwave is a graduate of the FIS FinTech Accelerator programme, designed to speed up the development and growth of early-stage financial technology ventures.
The start-up’s new partnership with Visa aims to scale its consumer payments service, now called Barter by Flutterware, through Visa’s QR code payments, card issuance, and global payment processing channels.
It enables efficient service delivery to over 85,000 businesses already using Flutterwave and rapidly growing Barter’s base users. As part of the latest funding round, Flutterwave will scale up and expand that service, allowing it to issue physical and virtual Visa cards and process payments using Visa’s networks.
The partnership increases access to digital commerce for African consumers and connects them to the rest of the world with Visa virtual card.
Powering a transition to digital
Nigerian-owed Flutterwave was founded in 2016 by a team of ex-banker, entrepreneurs, and engineers. The San Francisco-based company operates in several African countries, including Nigeria, Ghana, Kenya, Uganda, and South Africa.
“We’ve set out to provide the complete payments solution for Africans to thrive in the global economy,” the company said. The company’s core offering provides payments solutions to merchants, banks and consumers.
“Commerce across the African continent is quickly moving online. Flutterwave is powering this transition by introducing modern payment infrastructure to Africa’s merchants while also creating the ability for global companies to reach over 1 billion African customers,” says Will Szczerbiak, Principle at Greycroft. “We have supported the company since investing in their 2016 seed and are excited to lead the Series B after seeing over 500% revenue growth in 2019.”