Dealflow | December 9, 2021

Flutterwave backs Côte d’Ivoire digital payments processor CinetPay

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, December 9 — Lagos-based Flutterwave, helps merchants, banks and other businesses transact across borders and currencies. The digital payments platform, which has more than 300,000 business users in 20 African countries, invested in Lagos fintech Bankly earlier this year and last month acquired Disha, a payments platform for digital creators.

With CinetPay, Flutterwave can help merchants in francophone Africa accept online payments. “We’re building the payments infrastructure for Africa,” said Flutterwave’s Olugbenga Agboola, “making it easier for businesses to grow and expand their customer base on the continent and worldwide.

Fintech in Africa

CinetPay has facilitated more than 30 million payment transactions for 350 merchants in Côte d’Ivoire, Senegal, Cameroon, Mali, Togo, Burkina Faso, Benin, Guinea and Democratic Republic of Congo.

Flutterwave backed the company’s $2.4 million seed round, alongside 4DX Ventures, to “ensure that all businesses in our region never miss a sale again,” said CinetPay’s Idriss Marcial Monthe.