Iyinoluwa’s Flutterwave raises $10 million in Series A funding

Flutterwave, the payment company founded by Iyinoluwa Aboyeji, has just raised over $10 million in a series A funding round. Greycroft Partners and Green Visor led the new funding round with existing investor Y Combinator and new investors like Glynn Capital.

Flutterwave is building underlying unified payments infrastructure for African businesses to accept card, mobile money, and bank account payments.

In a year of operation, Flutterwave has garnered 10 banking partners across Africa and processed over 14 million transactions worth $1.5 billion in the last 12 months.

According to an official blog post, the new capital will be put into hiring more talent, build out global operations and fueling rapid expansion across Africa.

“Greycroft is scouring the world for exciting SAAS companies, and FlutterWave is one of the fastest growing software companies we have seen,” says Ian Sigalow at Greycroft Partners. “Flutterwave built a lightweight, developer-friendly tool that provides key elements of a modern banking core, and they have quickly displaced legacy solutions across Africa. In Nigeria alone they are already processing a few percent of GDP from a cold start at the beginning of last year.”

“Flutterwave is building infrastructure and technology solutions that will help modernize African payments. We are excited to be working with this extraordinary team,” says Joe Saunders, Chairman and General Partner at Green Visor Capital, who also joins Flutterwave’s board of directors.”

“We are excited to work with world-class investors who have helped build global payments giants like Visa and Braintree to achieve our mission of building modern payments infrastructure to connect Africa to the global economy.” says Aboyeji.

“The next chapter for us at Flutterwave is building a global payments technology company that changes how the world does business with Africa.” adds Aboyeji

Flutterwave has offices in Lagos, Nairobi, Accra, Johannesburg and plans to expand further across the African continent in 2017.