Nigerian payment startup, Flutterwave has expanded its operations into South Africa. Known for providing solutions for clients such as Uber and Facebook, (and having a partnership with Replit) the company revealed this development on its Twitter handle earlier this month.
The move was made after the company realized 10 million dollars in Series A funding with an ex Visa exec joining its board of directors in 2018. Investors include names such as Mastercard, CRE Ventures, Fintech Collective, 4DX Ventures, Raba Capital, Green Visor Capital, and Greycroft Partners.
Since South Africa stands as one of the biggest economies on the continent, Flutter waves presence promises a unified payment system for businesses and consumers. In fact, at the launch event in Johannesburg Flutterwave has already launched Rave – a payment platform that enables African entrepreneurs to receive payments globally as well as B2B payments within the continent. Similar events will be held in Pretoria and Cape Town.
Flutterwave has recorded success with its products Rave and Barter which have jointly processed billions of dollars over the years in Nigeria, Ghana, Kenya and Uganda. We expect similar success in South Africa as the solution will encourage local businesses to accept global payments in any currency. It also eliminates the problem of payment issues, which limits the consumer base of such businesses.
To enjoy the benefits of the platform, entrepreneurs are required to generate a payment link which is shared on their social media pages.