PayPal, Flutterwave Deal Targets African Market for Global Payments

PayPal, Flutterwave Deal Targets African Market

Image courtesy of Flutterwave

Flutterwave is collaborating with PayPal allowing businesses in Africa to receive payments from over 377 million PayPal users all over the world.

Flutterwave said the new arrangement will eliminate a barrier to cross-border commerce while involving 50 countries. 

“By working with PayPal, we can further strengthen our commitment to our customers and service users as we will be enabling them to transact and expand their business operations to reach new markets. PayPal’s global reach is unrivalled and collaborating with them allows our customers to explore new markets where PayPal is embedded,” Flutterwave Founder and CEO Olugbenga ‘GB’ Agboola said Tuesday.

Flutterwave said it is positioning to be an African payment platform for multinationals entering new markets. 

Agboola told Reuters that Flutterwave could consider a New York stock listing.

Flutterwave raised $170 million in a venture round bringing its total fundraising to $225 million since its launch five years ago. 

This latest round for Flutterwave was led by Avenir Growth Capital and Tiger Global Management.