Flutterwave raises $10 million in series A funding for global expansion

Flutterwave announced that it has raised over $10 million in a Series A round of funding led by Greycroft Partners and Green Visor.

This new funding is in addition to previous investments by the company’s current investors which include, Omidyar Network, Social Capital, CRE Venture Capital and HOF Capital amongst others.

The  Iyin Aboyeji-led business says that it will use the capital to hire more talent, build out its global operations and fuel its expansion across Africa.

“The digital economy is the new global economy. Yet despite its incredible promise, Africa is excluded from it because of several challenges with its outdated and fragmented payment systems. Flutterwave is building modern payments infrastructure to power growth for the digital economy of one of the fastest-growing regions in the world,” says Iyin Aboyeji, CEO and Co-founder of Flutterwave.

Iyin mentioned in a blog post that the company had managed to process $1.2 billion in payments from over 10 million transactions in just a little over a year of operations. Iyin also said that the company currently has 10 Bank Partners across Africa.

“Greycroft is scouring the world for exciting SAAS companies, and FlutterWave is one of the fastest growing software companies we have seen,” says Ian Sigalow at Greycroft Partners. “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.”

“Flutterwave is building infrastructure and technology solutions that will help modernize African payments. We are excited to be working with this extraordinary team,” says Joe Saunders, Chairman and General Partner at Green Visor Capital, who also joins Flutterwave’s board of directors.”

“We are excited to work with world-class investors who have helped build global payments giants like Visa and Braintree to achieve our mission of building modern payments infrastructure to connect Africa to the global economy.” says Aboyeji.

“The next chapter for us at Flutterwave is building a global payments technology company that changes how the world does business with Africa.” adds Aboyeji

Flutterwave has offices in Lagos, Nairobi, Accra, Johannesburg and plans to expand further across the African continent in 2017.