Flutterwave, Pay Pal Signs Partnership Deal a Week After Raising $170m
- Flutterwave and Pay Pal have signed a partnership agreement to lift payment barriers experienced by small businesses
- Flutterwave merchants, freelancers, small businesses can now receive payment from foreign partners
- Co-founder and Chief Executive Officer of Flutterwave, Olugbenga Agboola, said the deal will expand business operation
Nigerian payment company, Flutterwave, has signed a partnership deal with Pay Pal. The deal comes a week after the Nigerian startup raised $170 million in a series C funding round, which made Flutterwave a billion-dollar tech startup.
Prior to the deal, there have been barriers for the online merchants, e-commerce businesses, and freelancers whose earnings are not domestic. The deal is expected to lift the barriers, connecting African small businesses to a global market.
The deal is a breakthrough for the tech space in Nigeria and Africa, considering Pay Pal has over 370 million users who accounted for $936 billion total payment volume last year, while Flutterwave recorded 140 million transactions worth over $9 billion.
Commenting on the deal, co-founder and Chief Executive Officer of Flutterwave, Olugbenga Agboola, said:
“We are excited to bring Pay Pal’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.
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“By working with Pay Pal, 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. Pay Pal’s global reach is unrivaled and collaborating with them allows our customers to explore new markets where Pay Pal is embedded.
“Through our collaboration with Pay Pal, we are also bringing together two trusted global payment brands to provide millions of consumers and businesses a gateway to new opportunities."
The deal will Cement Flutterwave's position in the digital payment market in Africa, where it serves 290,000 businesses in 33 countries, including Nigeria, Uganda, Kenya, and South Africa.
Flutterwave is one of four African startups that have surpassed the $1 billion mark and the only Nigerian startup in the unicorn league.
Meanwhile, Legit.ng had reported that the co-founder of the payment company had given some business tips on how tech startups and other businesses can make their company investment-worthy.
He mentioned four factors that must be considered before aiming for investment. He mentioned design, data, talent, and distribution.
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Fakoyejo Olalekan is a Business and Financial Journalist with over three years of experience in covering finance and business activities within Nigeria and offshore. Prior to joining Legit.ng, he worked at Nairametrics where he wrote financial and investment analysis articles. Olalekan is a resourceful and result-driven journalist with a track record for conducting extensive research and interviews to produce articles that provide different perspectives to market activities.
Source: Legit.ng
