Flutterwave, the FinTech which is only a little over a year old, is out to change Africa’s business payments’ efficiency for the better. Co-founded by 26-year-old Iyinoluwa Aboyeji, it is about to do more than flutter with the recent funding of over $10 million in a Series A round of Venture Capital funding from Greycroft Partners and Green Visor.
The funding, which is reported to be for hiring more talent, building out global operations, as well as fuelling the rapid expansion of the Startup across Africa, will be done alongside existing investing from Y Combinator, and new investors like Glynn Capital. The effect of such investment is not just a fluttering Flutterwave but a blazing one.
Fintech Startup Flutterwave Secures $10 Million https://t.co/KToYISaw94
— alyx (@S77M33) August 12, 2017
“Flutterwave’s Next Chapter : Building a global payments technology company that changes how the…” https://t.co/YhglaTtVd5
— Flutterwave (@theflutterwave) August 16, 2017
In the above-mentioned report, the result details provided by the Startup is impressive: $1.2 billion processed in payments, supported over 10 million transactions and having 10 Bank Partners across Africa. But, the startup is far from resting as they still plan to link Africa to the world, one business at a time.
Building a global payments technology company is the next targeted milestone for Flutterwave, something already sprouting with its recent innovation. This milestone, when achieved, will help African businesses become a part of the global economy which is being subtly built by software and the internet. It will make it easier for the average African business owner to connect with the rest of the world.
Flutterwave aims to create a universal payment system for African countries. https://t.co/EWvnsSlNsT pic.twitter.com/nuSLFbuVfw
— Africans in the Diaspora (AiD) (@_AiDiaspora) August 10, 2017
In Africa, only 3% of the adults report having a credit card, a lapse which greatly affects trading across borders, furthermore only 4% of African businesses accept online payments, a huge problem considering that the global non-cash payment is steadily on the increase, surpassing expert predictions.
If there is something Nigerians are good at, it is in supporting their own, and they have not slacked in supporting Flutterwave.
@iaboyeji I am very thrilled by the commendation from @USEmbassyAbuja on your projects @andela & @theflutterwave, global payments & IT, cool
— Babawale Aduroja (@waleadurofait) August 4, 2017
But more than merely supporting, Nigerians, indeed Africans, should get on the moving train and embrace these financial innovations which put us on the world map, so Africa can showcase more of her essence to the world. Presently, we are still behind in technological know-how and ground breaking inventions, despite our high internet usage ranking. Embracing innovations like Flutterwave is one step in the right direction, or we might be left behind when the world gets totally digitised.
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