Flutterwave, the African payments startup, has secured $170M in funding as it sets its sights on a $1B raise. Find out in this article why Flutterwave is making such a splash in the world of African payments, and how their groundbreaking new technology makes it easier than ever to facilitate online transactions across the continent.
Flutterwave and What They Do
Flutterwave is a technology company that specializes in online payments. The company was founded in 2016 by Nigerian entrepreneur Iyinoluwa Aboyeji. Flutterwave has raised $1 million in seed funding and is now aiming to raise $1 billion to help facilitate African payments. The company’s goal is to make it easy for anyone to make and receive payments anywhere in Africa.
Flutterwave has created a platform that allows businesses to accept and process payments from customers across Africa. The platform provides a simple, safe, and secure way for businesses to conduct transactions. Customers can pay using their debit or credit card, mobile wallet, or bank account. Flutterwave also offers businesses the ability to send invoices, track payments, and manage customer data.
The company currently operates in Nigeria, Ghana, Kenya, South Africa, and Uganda. In 2017, Flutterwave processed over $1 billion in payments for its clients. The company plans to expand its services to other African countries in the future.
Overview of the $170M Funding
Flutterwave, a payments startup based in Africa, has secured $170M in funding from a range of investors. The company plans to use the funds to help grow its business and facilitate African payments.
Flutterwave was founded in 2016 by Nigerian entrepreneurs Iyinoluwa Abiola and Kola Oyeneyin. The company provides an online platform that allows businesses to make and receive payments in various African countries.
Flutterwave has processed over $1B in payments since it was founded. The company plans to use the new funding to grow its business and expand into new markets. In addition, Flutterwave plans to use the funds to help develop new products and services that will help facilitate African payments.
The company has raised a total of $205M from a range of investors, including Y Combinator, Andreessen Horowitz, Greenoaks Capital, Greycroft Partners, GV (formerly Google Ventures), & more.
How this Funding Helps African Payments
This funding will help Flutterwave to continue its mission of facilitating African payments. The company plans to use the funds to expand its reach and help more people in Africa gain access to financial services. In particular, the funding will be used to:
– Increase Flutterwave’s presence in Africa by opening new offices and expanding its sales and marketing teams
– Invest in technology and product development to further improve the user experience
– Grow its merchant network so that more businesses can start accepting Flutterwave payments
By helping more people and businesses in Africa to make and receive payments, Flutterwave is playing an important role in promoting economic growth and improving living standards across the continent.
What Might Their Use of the $1B Look Like
In a recent blog article, Flutterwave announced that it has secured $1 million in funding and is hoping to raise an additional $1 billion to help facilitate African payments. While the company has not yet released details on how it plans to use the funds, we can speculate on a few potential uses for the money.
First, the funds could be used to expand Flutterwave’s operations into new markets. At present, the company only operates in Nigeria and Kenya, but with an infusion of cash, it could easily expand into other countries on the continent.
Second, the money could be used to improve Flutterwave’s existing infrastructure. The company could use some of the funds to upgrade its technology platform or to build new data centers in order to accommodate more customers.
Third, the funds could be used to acquire other companies or businesses that would complement Flutterwave’s existing offerings. For example, the company could buy a money transfer business or a mobile payments startup. Such acquisitions would give Flutterwave a wider reach and allow it to offer more products and services to its customers.
Ultimately, it remains to be seen how Flutterwave will use its $1 billion windfall. However, whatever the company does with the money, it is clear that it intends to use it to help grow its business and make Africa a more financially inclusive continent.
Potential Benefits for African Payments
The African payments market is currently estimated to be worth $1 trillion and is projected to grow to $2 trillion by 2025. This growth presents a huge opportunity for Flutterwave, which aims to help facilitate African payments.
Flutterwave has already secured $1 million in funding and is now looking to raise an additional $1 billion. This additional funding will be used to help Flutterwave scale its operations and expand into new markets.
Some of the potential benefits that Flutterwave could bring to Africa include:
-Increased access to financial services: There are currently only about 50 million Africans with access to formal banking services. Flutterwave could help increase this number by making it easier for people to send and receive money.
-Reduced costs: The current cost of sending money between Africa and the rest of the world can be quite high. Flutterwave could help reduce these costs, making it cheaper for people to send money home or make international payments.
-Greater financial inclusion: In many parts of Africa, women are often excluded from the formal financial system. Flutterwave could help increase financial inclusion by providing women with access to its payment platform.
-Improved economic growth: By making it easier for people to send and receive money, Flutterwave could help spur economic growth in Africa. This would create new jobs and opportunities, leading to a better standard of living for Africans.
With Flutterwave’s recent success, African payments are set to become more accessible and user-friendly. This is an important development in the world of global payments, as it will help bridge existing gaps in banking infrastructure and create opportunities for individuals and businesses worldwide. With this new influx of money, Flutterwave can continue its ambitious goal of raising $1 billion to facilitate transactions across the continent – a huge step forward that has tremendous potential to benefit Africa’s economy.