FlutterWave, a San Francisco and Lagos-based fintech startup has secured a $35 million Series B round and a partnership with WorldPlay FIS to expand payments in Africa. The funding according to the CEO , Olugbenga Agboola, will enable Flutterwave invest in technology and business development to grow market share in existing operating countries .
Who is World Play?
WorldPay is also global payment platform whose sole aim is to advance the way people everywhere pays banks and invests. The company processes payment services in US with about 20.1 billion payment transactions which approximately $726 billion in volume annually. The company’s financial products include credit cards, ATM processing , merchant services, rewards and fraud prevention. And most recent, WorldPay has partnered with FlutterWave, an African based fintech company to expand into the African market.
The Partnership with World Play
With the new funding, Flutterwave becomes the new payment provider for WorldPay. Therefore the partnership will create global access for both companies; any Worldpay merchant in Europe or the U.S. can accept any African payment, and Flutterwave would further expand beyond just Africa.
On collaborations, Flutterwave have been on roll since last year: partnering with a Chinese e-commerce company, Alibaba’s AliPay to provide a digital payment channel between China and Africa. The Alipay collaboration led to a partnership with Visa to launch a consumer payment product known as Get Barter.
The company latest funding of 35 million dollars will bring its total investments to $55 million. Flutterwave also plans to expand into regions like Francophone and Northern Africa.