Flutterwave is a global brand and company which is geared towards providing solutions for e-commerce websites. It has been a company with a strong growth in the last few years. This growth has been triggered by the COVID-19 pandemic. Now, it is planning to increase customer acquisition in its existing markets and to enter the international market. The company has also announced that it will raise money to help the business develop its plans.
Founders
Flutterwave is a payments company that connects businesses in Africa with the global economy. The platform provides a secure and fast payment experience. This includes processing credit cards, debit cards, and mobile money. It also allows merchants to build custom applications using an API.
Flutterwave’s CEO, Olugbenga Agboola, a British-educated Nigerian, previously worked at Google and PayPal. He also spent time in the Africa banking industry mytoptweets.
Flutterwave has a growing presence in 33 countries, and the company has over 290,000 merchants worldwide. Their main goal is to simplify payments in emerging markets, and create endless opportunities for customers. They will use the new capital to help accelerate customer acquisition.
Flutterwave offers a comprehensive merchant stack that includes a virtual debit card, invoicing software, and an eCommerce storefront. In addition, the company’s platform helps make travel easier with secure payments.
As of 2019, Flutterwave has processed more than 107 million transactions worth $5 billion. This includes more than 140 million payments in the last three years. Since its launch in 2016, the company has raised over $250 million in funding xfire.
Fundraise details
Flutterwave is an Africa-based payments technology company headquartered in San Francisco. Its platform enables consumers to connect to the global economy and businesses to accept any form of payment anywhere in Africa. The company currently services over 900,000 businesses around the world.
Flutterwave is part of a group of fintech startups focused on Africa’s growing payments market. Other companies include Paystack, which was acquired by US payment processing firm Stripe for $200 million, and Interswitch, which was acquired by Visa for 20% of its stock economictimes.
Flutterwave launched in 2016. It is owned by Africans, and its mission is to provide an innovative payments experience in emerging markets. A recent round of funding has raised the company’s valuation to more than $1 billion.
Flutterwave’s recent funding is the largest ever secured by an African tech startup. It has secured funding from leading international investors, including Tiger Global Management LLC, Avenir Growth Capital, Salesforce Ventures, and Greycroft Capital.
Growth spurred by COVID-19 pandemic
COVID-19 triggered one of the most economically impactful stretches of economic history. The CDC estimates that it led to the creation of 6.6 million jobs in 2021. This equates to roughly one job per household. That’s quite a jump from the average of 2.2 jobs per household in 2007.
Despite the recession that plagued the nation in the first half of the last century, the United States’ economy did better than most of its neighbors. While the GDP has been in a tailspin since the start of the Great Recession, it still managed to exceed the pre-pandemic output.
Although the effects of the virus have been felt in many states, the federal government has managed to keep the country’s doors open. In fact, President Obama enacted several measures that helped to mitigate the impact of the virus. For instance, the CDC has a program that tracks the presence of SARS-COV-2 in wastewater samples.
Plans to accelerate customer acquisition in existing and international markets
Flutterwave, an African focused net worth fintech company, raised $170 million in its latest round of funding. The fund will be used to accelerate customer acquisition and to develop new products.
According to Flutterwave, the new funds will help it to expand its operations into North Africa and francophone Africa. It also plans to invest in complementary products to enhance existing offerings.
In the last few years, Africa has witnessed the growth of the electronic payment industry. The continent’s market is expected to reach $20 billion by next year. Fintech companies are looking to capitalize on the opportunity.
Flutterwave, which was launched in 2016, aims to connect African businesses with global markets. Through partnerships with larger institutions, it helps small businesses accept payments online. The company has over 290,000 merchants on its platform.
The firm has processed 140 million transactions valued at trendingbird almost $9 billion. During its latest round of fundraising, Flutterwave secured USD $170 million from leading international investors. These include Tiger Global Management LLC, Avenir Growth Capital, Early Capital Berrywood, Greycroft Capital, and PayPal.
