Flutterwave, Nigerian payments technology company, has unveiled a new collaboration with global payment leader PayPal that would allow Paypal customers all over the world pay African merchants through Flutterwave’s platform.
Flutterwave said the collaboration 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.
“Traditionally, Africa’s e-commerce ecosystem has lacked suitable payment solutions to meet demand for seamless transactions worldwide, further constraining its contributions to the global digital economy,” Flutterwave said.
“However, this collaboration eliminates significant barriers that have previously hindered African consumers and businesses from the untapped potential of cross-border e-commerce.”
Research firm Statista estimates that the total value of e-commerce in Africa generated $16.5 billion in 2017 and is expected to reach $29 billion by 2022. This growth potential will provide many opportunities for SMEs and freelancers worldwide, subsequently increasing Africa’s share of global trade.
Flutterwave CEO Olugbenga Agboola said the company is “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 its 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.
This collaboration further underscores its commitment to ensuring merchants have vast opportunities to deliver services and conveniently transact through its platform.
Flutterwave partnership with PayPal comes barely a week after the company announced that it is worth over $1 billion.
With the latest funding, Agboola said the company will invest in technology and business development to grow market share in existing operating countries.