Nigeria based continental tech payments platform, Flutterwave, has announced a new collaboration with global payment leader PayPal, to enable PayPal customers globally to pay African merchants in the continent through Flutterwave’s platform.
The collaboration, the company said will be instrumental in supporting SMEs and freelancers to overcome the many challenges presented by the highly fragmented and complex payment and banking infrastructure, as well as connecting them with more than 377 million PayPal account holders globally.
The new collaboration is expected to unlock opportunity for African businesses to do business around the world
“As we build the largest payment infrastructure in Africa we also know that Africa does not exist in isolation. We need to connect Africa to the world when it comes to payments and we took a closer step to that today,” Flutterwave co-founder and CEO, Olugbenga Agboola via his twitter handle @TechProd_Arch on Tuesday.
“Today, we are announcing an important step towards achieving our mission and goals. We @theflutterwave have collaborated with @PayPal to allow businesses in Africa receive payments from over 377 million @PayPal users all over the world.
“This removes the restriction for African merchants to accept PayPal because once you have @theflutterwave for business,PayPal is now one of your payment types.”
The deal represents yet another milestone for the fast rising Africa focused tech firm, which only few days ago, secured $170 million in capital injections from investors, now valued at over $1 billion.
Flutterwave has continued to position itself as the answer to the challenges of suitable payments system, which had beset Africa’s ecommerce ecosystem, and the collaboration will significantly eliminate barriers that have previously hindered African consumers and businesses from the untapped potential of cross-border ecommerce.
The company has transformed the payments space in Africa by offering flexible, quick and affordable payment services to individuals and businesses across the continent.
Further speaking on the partnership earlier, Agboola said: “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.
“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.
“Through our collaboration with PayPal, we are also bringing together two trusted global payment brands to provide millions of consumers and businesses a gateway to new opportunities,” he said.
Since inception, Flutterwave has processed over 140 million transactions worth over USD $9 billion worldwide and continues to expand its footprint to ensure consumers and merchants receive the best-in-class digital payment service.