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Fintech player Flutterwave raises $35m in Series B Funding. Should Paystack be worried?

Payment startup, Flutterwave, has secured a $35 million funding round as it looks to expand its coast across the continent.

The funding, which comes along with the company securing partnerships with Visa and WorldPay, is no doubt a giant leap considering how young the year is, and how much progress and momentum the Fintech player is gaining.

While this might be a financial landmark and structural buildup for Flutterwave; close competitor, Paystack should nurse concerns.

Although, Paystack is doing well in its business and seemingly still sitting atop, Flutterwave is also not conceding to simply play in the Fintech space.

Going by Flutterwave’s interest to enter into new markets in Francophone Africa as disclosed by the company, it is edging out, and unlike Paystack, to build new business areas covering (but not limited to) education, travel, gaming and e-commerce.

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More importantly, the $35m is coming with business boasting partnerships. Via the sealed partnership with the London-based Worldpay, Flutterwave will indirectly serve the former’s clients, and by so doing increase its customer base exponentially.

The year is still young to draw lines, however. Market can be filled with flunctuations and uncertainties. So, while it may seem that there is more to worry about for Paystack on this development, no one knows what is equally in the pipeline for Paystack.

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About the author

Ridwan Adelaja

Ridwan Adelaja is a multimedia journalist with a special interest in business news analysis

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