Flutterwave expands with the acquisition of Disha
It has been a busy year for Flutterwave, as it pursues an aggressive expansion strategy aimed at consolidating its place as a pan-African leader in payment technologies.
The Silicon Valley-based startup announced Wednesday, November 10, that it has acquired Disha, a Nigerian platform that allows digital creators to manage and receive payments for their content and portfolios around the world.
The news couldn’t have come at a better time for Disha, who announced earlier this year that it was shutting down for undisclosed reasons. Under the terms of the agreement, Disha will continue to operate as a separate brand, but its 20,000 users can gain value for their digital content using Flutterwave’s payment and collection solution.
Flutterwave Founder and CEO Olugbenga ‘GB’ Agboola said the investment is a way for the cross-border payments startup to provide new opportunities for freelancers and creators. “Beyond Disha users, this is an exciting effort to equip the global designer community of around 50 [million] individuals with innovative tools to develop their profession, ”added Agboola.
Read more: Renowned partnerships advance continent-wide ambitions of pan-African payments start-up Flutterwave
The news follows recent big-name partnership deals involving Flutterwave – and reports that the company was in talks with potential backers for new funding at a minimum valuation of $ 3 billion, or about three times its size. current value.
Related news: Nigerian payments start-up Flutterwave seeks new funding at a valuation of $ 3 billion
Last month, the payments company announced a partnership with the nonprofit Stellar Development Foundation to introduce two new money transfer gateways on the Stellar cross-border transaction system that will simplify money transfers in Africa and enable cross-border payments. from Europe to Africa.
Also see: Flutterwave enables X-Border payments from Europe to Africa
The company also announced a new collaboration with Standard Bank, Africa’s largest bank by assets, to provide Standard retail and business customers in nine African countries with access to Flutterwave’s enhanced digital payment system. The two companies will also expand e-commerce, card issuance, buy now, pay later (BNPL) and other capabilities for millions of consumers in the region.
Learn more: PayPal and Flutterwave deal target African market
In September, Flutterwave also signed mobile payment agreements with two of Africa’s largest operators, Airtel and MTN Group. And in March, it launched a collaboration with PayPal that will allow the more than 370 million account holders of the global payments giant to pay African merchants through the startup’s platform.
Founded in 2016, Flutterwave has grown into one of the fastest growing payment companies in the world, processing approximately 100 million transactions valued at over $ 5.4 billion since its launch. The company is present in 33 African countries, serving nearly 300,000 merchants, including Uber, Booking.com, Flywire and Facebook.
According to a report from PYMNTS, the company was one of many beneficiaries of the pandemic-induced payments digital shift, recording revenue growth of 225% between 2018 and 2020.
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