Nigerian payments firm Flutterwave has raised over $10 million Series A extension funding round from Greycroft Partners and Green Visor alongside existing investors like Y Combinator.
New investors include Capital, Mastercard, CRE Ventures, Fintech Collective, 4DX Ventures, and Raba Capital, among others. This raise now brings to over $20 million the company has raised to date.
According to Iyinoluwa Aboyeji Co-founder & CEO, Flutterwave, “The new capital will be used to hire more talent, build out our global operations and fuel rapid expansion of our organization across Africa.”
Founded two years ago Flutterwave builds underlying payments infrastructure for African businesses to accept card, mobile money, and bank account payments in a single place to make it possible for African businesses to scale acceptance of digital payments. The firm has so far processed $1.2 billion in payments in over 10m transactions via 10 bank partners across Africa.
“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. If we are successful, we might just inspire a new generation of Africans to flip the question from “what more can the world do for Africa?” to “what more can Africa do for the world?” said Iyin Aboyeji who has stepped down as CEO of Flutterwave after two years at the helm. Aboyeji left Andela, another firm he co-founded in August 2018.
Flutterwave Co-Founder, Olugbenga Agboola, an engineer with experience from Paypal, Google, GTBank, Stanbic IBTC Bank among others will take over as CEO. Green Visor Capital Chairman & General Partner and former Chairman & CEO of Visa, Joe Saunders, joined the Flutterwave Board of Directors.
In July 2017, Flutterwave raised over $10 million in a Series A round of funding led by Greycroft Partners and Green Visor Capital with participation from Y Combinator and Glynn Capital. Omidyar Network, Social Capital, CRE Venture Capital and HOF Capital amongst others participated. While it is headquartered in San Francisco, Flutterwave has offices in Lagos, Nairobi, Accra, Johannesburg and plans to expand further across the African continent in 2017.