How Flutterwave is Leading Payment Landscape in Nigeria

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Co-founder & Chief Executive Officer, Flutterwave

Apart from raising a total whooping sum of $20.4M in six round of funding, with Uber and Booking.com as parts of its prominent clients, Flutterwave has processed billions of payment transactions for businesses since its first day of opening for business in 2016.

In a data provided on the company’s website, over $2.5B payment has been processed on the platform coupled with over a 100 million transactions, 50 banks partners across the world and over 1200 developers build on Flutterwave platform.

Flutterwave’s mission is to inspire new wave of prosperity across, building payments infrastructure to connect Africa to the global economy.

“Making it easier for Africans to build global businesses that can make and accept any payment, anywhere from across Africa and around the world”

“The world’s digital economy is progressing around us and we want to include African businesses in the journey”, as put on the website

The company was founded with a team of ex-bankers, entrepreneurs and engineers, and provides award-winning technology to provide business all around the world a powerful, reliable and intelligent payments gateway.

Flutterwave’s headquarter is in San Francisco with offices in Lagos, Nairobi, Accra, and Johannesburg.

Company’s Founder, Iyinoluwa Aboyeji, a tech celebrity in Africa, left the company last October to pursue “family goals”. This has left the company in the hands of co-founder, Olugbenga Agboola.

“African fintech is ahead of its time,” Agboola said in a conference recently. “Fragmented payment markets have required payment processors like us to become world-class in execution and delivery by developing global solutions that can adapt to local circumstances.”

Flutterwave recently partnered with Visa V on GetBarter app. The app is specifically designed for African small merchants and cross border payments in Africa, and inked another with Ripple Blockchain Network making it the only technology rail on the growing Ripple Network.

The company also received a nod from the Central Bank of Nigeria (CBN) for its Unstructured Supplementary Service Data (USSD) technology product. The approval was granted by the apex bank for the solution following a release of an official company statement.

The USSD service was to enable its enterprise and retail customers layer their products on this infrastructure.

Much like in mobile communications, Africa is leapfrogging traditional payments technology and Flutterwave is building the Pan-African infrastructure to become the standard bearer for modern payments.

Flutterwave’s API makes it easier for almost 24,000 businesses and individuals using its solution to process payments across Africa. The African market, marked by increasing cross-border requirements, multi-instrument and channel payments, and a drive for financial inclusion is primed for Flutterwave’s unique vision and offering.

“When you look at how payments work in the developing world, you start to realize that it’s a lot more complicated than in the US,” Aaron Harris, Partner at Y Combinator. “There’s a huge number of different payment options, and different reasons for people to use each. By making it easy for any merchant, no matter where they are located, to process all of the available payment options, Flutterwave is changing how money moves for an entire continent.”

 

 

 

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