When Flutterwave launched in 2016, Founder and CEO Olugbenga “GB” Agboola claimed he wanted to use the fintech platform to connect all of Africa via payments. Just a few years later, the goal that once seemed highly optimistic has started to feel a bit narrow.
Far from only connecting Africa, Flutterwave appears on the verge of connecting the world — not just theoretically, but in actual, life-changing ways.
Currently, the company operates in more than 30 African countries and across nations in North America, Europe, and Asia. In total, Flutterwave can process payments in over 150 different kinds of currency.
But it’s not finished yet.
The moves come at a crucial time for the African enterprise. Flutterwave is proving it has the power to succeed not only on its native continent, but also to compete head-to-head with established service providers in more industrialized nations.
“As individuals’ and businesses’ payment needs evolve across the country, we are ready to use our technology, extensive industry experience, and comprehensive solution to meet their diverse payment needs,” Agboola said. “Our goal is to empower local businesses and open doors for global enterprises across all industries by providing them with a secure and convenient payment solution that drives inclusive growth.”
Flutterwave has also become a lifeline for multinational corporations operating across borders in Africa and a reliable way for African expatriates to send money to their families back home or pay for school tuition with their localnative currencies. With each step into new territory, Flutterwave brings with it the capacity to change lives.
Expanding in Africa
This summer was big for Flutterwave — especially in Africa.
In August 2024, the company received its payment systems operator license from the Bank of Uganda and was granted an enhanced payment service provider license by the Bank of Ghana, allowing it to bring more of its services to the East and West African nations.
In addition, Flutterwave took a leap toward expanding its operations into the region of southern Africa through the country of Mozambique, thanks to an approval-in-principle for a payment aggregator license from the nation’s central bank. With a fast-growing fintech payments space, Mozambique is projected to see a growth of more than 15% in total digital transactions over the next four years, leading the sector to a value of more than $9 billion.
“We are grateful to the Central Bank of Mozambique for this approval,” said Agboola. “It comes at the right moment when Mozambique’s digital payment ecosystem is experiencing tremendous growth.
Moving Beyond the Familiar
Thanks in part to the foreign work history of its founder, Flutterwave has always had a presence across more than one continent. However, it has recently begun a climb toward becoming a truly global company.
Agboola started the company after cutting his teeth at pioneering Western fintech outfits such as PayPal and Google Wallet. Since the beginning, Flutterwave has maintained an office in San Francisco. It’s no wonder, then, that the company quickly found footing beyond the continent of Africa. As Flutterwave moved into places like the United Kingdom and the United States through its remittance app Send App, the need for its platform only grew. When expatriates and migrant workers saw how Flutterwave makes it easy to send remittances back home, demand boomed.
Flutterwave is also expanding its money transmission services in the United States. As a nation of immigrants, the U.S. is an ideal location for a low-cost remittance service to grow.
“Our mission is to connect Africa to the world and the world to Africa by simplifying payments for endless possibilities,” Agboola stated in a Flutterwave press release. “These licenses move us one step closer to our vision and we will continue to expand this feat to ensure coverage for all states in the U.S. and beyond.”
Recognition for Flutterwave
Flutterwave’s increased expansion into new areas has not only delivered fast and safe financial technology to millions more people; it has also heightened interest in the company from market watchers and media outlets.
In July, CNBC listed the company among its list of the World’s Top 250 Fintech Companies 2024. Flutterwave made the unranked list in the Payments category, which captured businesses that facilitate smoother transactions, both online and in person. In total, 60 fintech companies were listed in the Payments category, including Alipay, Fiserv, PayPal, Visa, and Tencent.
In addition, Fast Company recognized Flutterwave as one of its Most Innovative Companies for 2024 in the region of Europe, the Middle East, and Africa. The media outlet cited the company’s Send App, its remittance service, as creative examples of fintech solving problems for users that many other services have overlooked.
On its own, Send App saw a 100% increase in users during the first half of last year. As Flutterwave continues to expand, there’s no doubt that investors can expect even more growth.
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