Flutterwave, a payments infrastructure provider for banks and businesses in Africa, has raised over $10 million for its Series A round from a group of investors led by Greycroft Partners and Green Visor Capital. The fresh funding will be used to recruit additional team members, further develop its operational capabilities and expand further across the continent. Y Combinator and Glynn Capital also participated in the round.
Flutterwave was founded in 2016 by a group of African former bankers, engineers and entrepreneurs to solve the problems many digital firms have accepting local payment methods on the continent. With credit card penetration by the major global brands on the continent standing at less than 3%, the founders spotted the opportunity to work with Pan-African banks to provide companies like Facebook, Uber and Netflix with the underlying technology and integration to payments in local currency with local debit cards, bank accounts and mobile wallets across 30 countries on the continent. To date, the firm has already processed over 10 million transactions worth $1.2 billion.
“Greycroft is scouring the world for exciting SAAS companies, and FlutterWave is one of the fastest growing software companies we have seen,” Ian Sigalow at Greycroft Partners was quoted as saying in the press release announcing the round. “Flutterwave built a lightweight, developer-friendly tool that provides key elements of a modern banking core, and they have quickly displaced legacy solutions across Africa. In Nigeria alone they are already processing a few percent of GDP from a cold start at the beginning of last year.”
Headquartered in San Francisco, with offices in Lagos, Nairobi, Accra and Johannesburg, investors in Flutterwave’s earlier round include Omidyar Network, Social Capital, CRE Venture Capital, HOF Capital amongst others.