A financial technology firm, Flutterwave Inc., has announced the completion of its Series A Extension round of financing, saying the latest round includes investments from Mastercard, CRE Ventures, Fintech Collective, 4DX Ventures, and Raba Capital, among others.
It said it had now raised over $20 million to date and its largest investors include Green Visor Capital and Greycroft Partners.
According to a statement by the firm, as part of its financing, the current Green Visor Capital Chairman & General Partner and former Chairman & CEO of Visa, Joe Saunders, has joined the Flutterwave Board of Directors.
Meanwhile, Flutterwave Co-Founder, Olugbenga Agboola, will replace Iyin Aboyeji, who has stepped down as CEO of the firm.
Aboyeji, in his farewell message, thanked the company’s board and team, saying: “It’s been amazing working with the Flutterwave team to build another great African company and I’m excited for the future under its new leadership.”
The new CEO, Agboola, is a Financial Technology Engineer, with core financial services technology experiences with Paypal, Google, GTBank, Access Bank, Standard /StanbicIBTC Bank
The statement quoted Agboola as saying: “On behalf of the entire Flutterwave team we wish Iyin luck in his future endeavours. Moving forward, the entire Flutterwave team and I are excited for Flutterwave’s future and look forward to growing the company.”
Headquartered in San Francisco, Flutterwave is building modern payments technology and infrastructure for Africa to enable people and businesses to connect with the global economy.
Much like in mobile communications, Africa is leapfrogging traditional payments technology and Flutterwave is building the Pan-African infrastructure to become the standard bearer for modern payments.
Flutterwave’s API makes it easier for the almost 24,000 businesses and individuals using its solution to process payments across Africa.
The African market, marked by increasing cross-border requirements, multi-instrument and channel payments, and a drive for financial inclusion is primed for Flutterwave’s unique vision and offering.