Flutterwave, which helps merchants accept payments both online and at the point-of-sale through a host of methods, hit a $3 billion valuation on a $250 million raise in February last year. At the time, the firm said it intended to use some of the cash to spur growth through M&A.

News of Flutterwave’s interest in Railsr was reported by Sky News, which said the African company is competing against a consortium comprising a number of existing Railsr investors.

Railsr last raised a Series C round in Autumn last year made up of $26 million in equity and $20 million debt, at a steeply discounted valuation of $250 million. The funding was intended to act as a bridge funding round to get it over the line for an eventual sale.

Earlier in the year, it was reported that the fintech was searching for a $100 million investment that would have pushed it into Unicorn territory.

Like other firms in the sector, the company has made a number of unspecified staff redundant over recent months and downsized its operations in the face of the global market downturn.

The firm has engaged FT Partners to handle the sale.