Nigerian-based Fintech company, Flutterwave, has announced that it is going into collaboration with PayPal.
The partnership with PayPal would allow PayPal customers from around the globe to pay African merchants via Flutterwave’s platform.
Prior to the partnership between the two fintech companies, African countries have been under restriction, and as such, prevented from receiving funds from Paypal.
According to a blog post by Flutterwave, the collaboration between both companies would “be instrumental in supporting SMEs and freelancers to overcome the many challenges presented by the highly fragmented and complex payment and banking infrastructure.”
Businesses will also be able to connect with the more than 377 million PayPal accounts globally and overcome the payment challenges encountered in Africa.
Flutterwave co-founder and CEO, Olugbenga Agboola, said on the company’s website:
“We are excited to bring PayPal’s fully integrated services to businesses across Africa. The collaboration reinforces our vision of creating a seamless digital payments system for Africa’s business communities that can now transact with international consumers.”
Flutterwave claims that the payment service, which is already available for merchants with registered business accounts on Flutterwave, will be operational across 50 African countries and worldwide.
The company also added that it hopes to roll out this service to individual merchants on the platform as well.
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Since the launch of Flutterwave in 2016, the company has been helping business create tailored payment application via its API.
The company has processed over 140 million transactions, totaling about US$9 billion.
Last week, Flutterwave closed a US$170 million Series C funding round, which was led by New York-based private investment firm Avenir Growth Capital, as well as US-based hedge fund and investment firm – Tiger Global.
The company also achieved the Unicorn status, after its valuation reached the US$1 billion mark.