African payments giant Flutterwave vies to buy British fintech Railsr. Flutterwave and a consortium of existing Railsr shareholders are vying to buy the British company amid a tough environment for fintech funding, Sky News learns.
Sources said that a consortium comprising a number of existing Railsr investors was also vying to acquire the company, which specialises in so-called embedded finance solutions such as banking services, credit cards and digital wallets.
One insider said there was "heavy competition for the asset".
The timing and outcome of the ongoing sale process were unclear on Monday.
Last autumn, the company announced the completion of a $46m Series C funding round, although it did not publicly disclose that this took place at a valuation of about $250m - well below that of an earlier fundraising.

© Mark Kleinman (Skynews)
--
#Smart4Africa is committed to connecting & increasing attractiveness of #africanstartups to investors.