Nigerian fintech companies are making moves and the the world is paying attention.
After closing a $170 million Series C funding round, Nigerian FinTech startup Flutterwave has announced a new collaboration with payments giant PayPal to allow customers worldwide the option of sending and receiving payments from African merchants, TechCrunch reports.
According to the outlet, it has been nearly impossible for businesses in some African countries to receive money from PayPal — which is rumored to be due to insufficient regulation and poor banking security — but that’s changing now thanks to a new feature on the platform called “Pay with PayPal.”
Through this partnership, Flutterwave is allowing African businesses to connect with the 377 million existing accounts on PayPal’s global platform to help resolve the complex and broken banking infrastructure on the continent and eliminate the barrier of cross-border commerce.
“In a nutshell, we’re bringing more than 300 million PayPal users to African businesses so they can accept payments across the continent,” CEO Olugbenga “GB” Agboola said to TechCrunch. “Our mission at the company has always been to simplify payments for endless possibilities, and from when we started, it has always been about global payments. So despite having the largest payment infrastructure in Africa, we want to have arguably all the important payments systems in the world on our platform.”
AfroTech and TechCrunch