Nigerian fintech startup, Flutterwave has launched its payment services in South Africa which is its ninth market on the continent. Flutterwave has a presence, following launches in Zambia, Kenya, Tanzania, Cameroon, Ghana, Nigeria, Rwanda and Sierra Leone.
Flutterwave provides a payment service for merchants, payment service providers and pan-African banks. The Y-Combinator alumni, Flutterwave, was granted its South African Reserve Bank licence to operate in the country in April, and it is set to launch its online product RAVE, with launch events scheduled for Johannesburg, Pretoria and Cape Town.
The startup is well-backed, raising US$10 million in Series A funding in August 2017 and then an extension round last year to take its total raised funding to date to more than US$20 million. Investors include Mastercard, CRE Ventures, Fintech Collective, 4DX Ventures, Raba Capital, Green Visor Capital and Greycroft Partners.
The payments platform claims to have processed over $2.5 billion for clients such as Uber, Facebook and Transferwise, among others.
Flutterwave CEO Olugbenga GB Agboola says: “We are more than just a payments company; we are in the business of growing businesses.”
The firm was co-founded by the then 26-year-old Nigerian entrepreneur, Iyin Aboyeji, who also co-founded Andela, the Chan Zuckerberg Initiative’s first major investment in Africa.
