Nigerian-based fintech startup, Flutterwave has raised $35 million in a Series B funding round, led by Greycroft and eVentures, with participation from Visa, Green Visor and African fund CRE Venture Capital.
The funding, which was backed by FIS, a U.S. financial services provider, will be used to invest in technology and business development to grow market share in existing operating countries, according to Olugbenga Agboola, the payment company’s CEO in a conversation with TechCrunch.
The company also announced a partnership with FIS-backed Worldpay, making Flutterwave the payment provider for Worldpay in Africa, and allowing any Worldpay merchant in Europe or the U.S. to accept any payment using an African card.
Flutterwave’s latest funding brings the company’s total investment to $55 million, according to data from Crunchbase.
The startup processed $5.4 billion in transaction value across 107 million transactions in 10 countries across Africa in 2019 and gained 55,000 new merchants last year, bringing its total merchants to 86,000 at the end of 2019, according to company data.