African fintech company Flutterwave is partnering with US payments giant PayPal. The collaboration is a big sigh of relief to African merchants who have often faced issues receiving payments from abroad.
Thanks to the new collaboration, Flutterwave will integrate with PayPal so merchants can receive money via the latter from outside the continent via an easy ‘Pay with PayPal’ feature. As long as they enable the functionality.
The integration is already live across territories served by Flutterwave, says the company.
Launched in 2019, Flutterwave enables users and businesses to receive and make payments.
“In a nutshell,” CEO Olugbenga’ GB’ Agboola says, “we’re bringing more than 300 million PayPal users to African businesses so they can accept payments across the continent.”
Flutterwave CEO says the new feature will be rolled out to 50 African countries and worldwide. In the future, it plans to avail the same to individual merchants on the platform—a significant relief to freelancers as well, who’ve for long faced issues receiving payments via PayPal.
While PayPal is available in several African countries, it places a wide array of limitations on user accounts. So far, so good, PayPal has never tired itself to explain why.
However, common rumour points out insufficient regulation and poor banking security on the continent.
Since its arrival in Africa in 2014, PayPal allows users in just 12 countries, including Kenya, Mauritius, Morocco, Mozambique, Senegal, Seychelles, and South Africa, to send and receive money but with limitations.
Partnership with PayPal widens the company’s reach even more. Since its launch, Flutterwave has already partnered with several famous players, including Visa and AliPay.
It also signals PayPal’s interest in becoming a part of the continent’s booming e-commerce market – although from the sidelines. For Flutterwave, this is an opportunity to “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,” according to its CEO.
“PayPal’s global reach is unrivalled, and collaborating with them allows our customers to explore new markets where PayPal is embedded,” the CEO said.
The latest news comes hot on heels on the company’s $170 million Series C round that catapulted the company to unicorn status — valued at $1 billion.