If you follow the right accounts for young African tech entrepreneurs on Twitter, it can feel like there’s a never ending debate about who gets funding or not in Africa. Like many Twitter debates the 140 characters and even the endless threads don’t capture all nuance of the issue, but while many of those debates have grown, founders from one sector of the startup space have been more positive than most: fintech.
Take Flutterwave, a payments company which builds infrastructure to ease processing payments across Africa, it’s just raised $10 million in its Series A round. It’s one of the largest Series A rounds by an African startup. Significantly, the round was led by leading Silicon Valley venture capital funds Greycroft and Green Visor Capital, with participation from Y Combinator and Glynn Capital. It helps that Flutterwave was co-founded by Iyin ‘E’ Aboyeji, who has a track record, and star power, as a co-founder of developer training company, Andela. But it’s also true that Flutterwave’s raise is the latest in a string of African fintech startups that have raised money over the past three years.