African FinTech Flutterwave has won approval from the Bank of Tanzania (BoT) to launch its service in the East African nation, the San Francisco-headquartered company announced Wednesday (March 23).
Flutterwave said it will open offices in Dar, the largest city and financial hub of Tanzania, to drive digital payments by enabling merchants and customers to trade through its platform.
eCommerce transaction value in Tanzania is expected to reach $907 million by the close of 2022 as the number of customers is projected to exceed 14 million by 2025, according to Statista.
BoT has implemented regulations designed to see the growth of the payments ecosystem to realize these goals.
Flutterwave said its introduction in Tanzania will fuel the country’s goal to boost digital commerce, with flexible, seamless, and affordable payment services.
The company’s expansion to Tanzania comes one month after it closed a $250 million Series D funding round, upping the startup’s value to an estimated $3 billion.
See also: Flutterwave Raises $250M Series D at $3B Valuation
Flutterwave’s latest backers include B Capital Group, and with participation from Alta Park Capital, Whale Rock Capital and Lux Capital, among others. Several investors who participated in previous rounds included Glynn Capital, Avenir Growth, Tiger Global, Green Visor Capital and Salesforce Ventures.
Last fall, Flutterwave acquired Disha, a Nigerian platform that allows digital creators to curate and receive payments from their content and portfolios worldwide.
Read more: Flutterwave Pursues Aggressive Expansion Strategy Across Africa with Disha Acquisition
The news couldn’t have come at a better time for Disha. In 2021, the company announced it was closing.
Under the terms of the deal, Disha will continue to operate as a separate brand, but its 20,000 users can earn value for their digital content using Flutterwave’s payouts and collections features.
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