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Flutterwave teams up with PayPal on African payments

Published 16/03/2021, 11:09
© Reuters.
PYPL
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By Alexis Akwagyiram and Chijioke Ohuocha
LAGOS, March 16 (Reuters) - Fintech company Flutterwave has
teamed up with U.S. payments giant PayPal PYPL.O to enable
PayPal customers pay African merchants through its platform, the
Africa-focused payments firm said on Tuesday.
The collaboration will connect small and medium enterprises
with the more than 377 million PayPal account holders globally,
Flutterwave said, eliminating the barrier to cross-border
commerce.
Flutterwave's integration with PayPal will be operational
across 50 African countries and worldwide, it said in a
statement.
Online payments got a boost with the COVID-19 pandemic as
people rely on mobile apps for shopping and paying bills.
Like other companies in the digital payments sector, San
Jose, California-based PayPal has profited from the boom in
online transactions that pushed more business into the virtual
realm.
Flutterwave has said it is positioning to be an African
payment platform for multinationals entering new markets.
Founded in 2016 by Nigerians and headquartered in San Francisco,
the firm has processed over 140 million transactions.
CEO and co-founder Olugbenga Agboola told Reuters last week
that Flutterwave could consider a New York listing after it
raised $170 million from investors to expand its customer base,
pushing its valuation up to more than $1 billion.

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