#flutterwaveceo

[flutterwave]

Payments Startup Flutterwave Partners IndusInd Bank to Expand Into India

African payments startup Flutterwave is reportedly expanding into the Indian market through a partnership with IndusInd Bank.

This move makes Flutterwave the first African company to scale up remittances from India to Africa, streamlining the process for users, Bloomberg reported Friday (Sept. 8), citing an interview with Flutterwave Co-founder and CEO Olugbenga Agboola.

Reached for comment by PYMNTS, a Flutterwave spokesperson said the company is building a “quick and secure” remittance corridor from the U.K. to India via a partnership with IndusInd Bank and is planning to build one from Africa to India in the future.

IndusInd Bank, a leading financial institution in India, serves approximately 35 million customers across the country, including individuals, large corporations and government entities, according to the report.

Flutterwave has experienced rapid growth since its establishment in 2016 and currently operates in about 30 African countries, the report said. A January 2022 funding round valued the company at $3 billion.

The company has attracted significant investments from venture capital firms like Tiger Global Management and formed partnerships with notable companies such as Alibaba’s Alipay, Uber Technologies and Netflix, per the report. A recent agreement with French company Capgemini also bolstered Flutterwave’s engineering infrastructure.

Agboola told Bloomberg that Flutterwave is a partnership-driven organization and looks forward to collaborating with more bank partners in India.

In another recent development, the company announced Aug. 1 that it has extended its remittance solution to the United States and Canada, enabling money transfers from those countries to Africa. That expansion brought to 34 the number of countries around the world in which the Send App can be used to send and receive money.

A month earlier, in July, Flutterwave launched a product to help African users conveniently pay fees to educational institutions both within Africa and overseas by using their local currencies. This payment product, Tuition, is designed to be used by students, parents, guardians and sponsors, providing them with a payment solution that safe, reliable, affordable and seamless.

In a third recent expansion of its services, the company partnered with Token.io to begin offering pay-by-bank transfers, “making it even faster and easier for individuals and businesses to pay and receive money.”

Flutterwave said at the time that this pay by bank, or account-to-account (A2A) payments, offering lets users quickly and securely move money between accounts, without registration or error-prone data entry.

[olgbenga-agboola]

Flutterwave Boss, Olugbenga Agboola’s Giant Leaps

It is a known fact that the businessman is fast becoming the recurring decimal in the fintech sector. Many in the industry across the shores of Africa have given thumbs up to his company, while also acknowledging his ingenuity.

In the last seven years, Agboola’s Flutterwave has recorded significant milestones in its journey to the top within the African tech ecosystem and secured investments from renowned venture capital firms and forged strategic partnerships with industry giants.

As one of the leading tech entrepreneurs in Africa, Agboola has built one of the continent’s most prominent tech brands.

He has also led the firm to provide customers and businesses in Africa and other developing markets with unlimited possibilities leveraging technology’s rapid adoption. The fintech firm’s remarkable growth trajectory has not gone unnoticed, as it is now considering an initial public offering on the NASDAQ Exchange.

Interestingly, despite his great accomplishments,  one can say that Agboola is an evolving story waiting to be told.  Since he started as a businessman, he has continued to ply his trade in such a way that makes many of his competitors green with envy. The young man was one of the select investors who accompanied President Bola Tinubu to India for the just concluded G20 Summit.

Just like a man destined for greatness, he has started reaping an instant fruit from the trip, as he successfully sealed a deal to expand his company’s reach to India. He announced a significant collaboration with IndusInd Bank Limited, one of India’s leading financial services providers catering to about 35 million customers. The partnership is a giant leap for Agboola and Flutterwave, this would further broaden his global footprint and streamline cross-border remittances and solidify his feet as a world recognised businessman.

[flutterwave]

Flutterwave’s Agboola joins Wall Street Journal CEO council

Olugbenga ‘GB’ Agboola, the CEO of Flutterwave, Africa’s leading payments technology company, has joined the prestigious Wall Street Journal (WSJ) CEO Council. This recognition, which follows the recent acceptance of Flutterwave’s CFO Oneal Bhambani into the Wall Street Journal’s CFO Network, establishes GB as a global thought leader in fintech.

Comprising 350 CEOs from various industries, the WSJ CEO Council commands a strong global presence, with a collective workforce exceeding 11 million employees and generating about $4.48 trillion in annual revenue. It serves as an influential platform, facilitating growth conversations and fostering the exchange of ideas among leaders of the world’s most renowned companies.

With an academic footprint that cuts across institutions such as the Massachusetts Institute of Technology, the Wharton School of Management, and the University of Westminster, GB brings a wealth of knowledge and expertise to his role at Flutterwave. In 2020, he was named the African Leadership Magazine’s Young Business Leader of The Year.

GB’s inclusion in Fortune Magazine’s 40 under 40 list and a subsequent acknowledgement on Time Magazine’s 2021 Next 100 list further solidify his status as an influential tech leader. Also, in October 2022, he was conferred with the National Honor, Officer of the Order of the Niger, by President Muhammadu Buhari of the Federal Republic of Nigeria.

Under GB’s leadership, Flutterwave’s payment infrastructure has transformed transactional experiences across the African continent, becoming the fourth company to gain unicorn status (one billion dollar valuation) after raising a $170m Series C round in 2021.

In his new role within the WSJ CEO Council, GB will have a unique platform to share his perspectives and engage in conversations about emerging economies, payments, and global fintech with some of the world’s most influential CEOs. 

“As Flutterwave continues to innovate and provide payments infrastructure in Africa and beyond, it is an honour to join the ranks of WSJ’s esteemed CEO Council, an important platform for thought leadership and the exchange of ideas,” said Flutterwave CEO Olugbenga ‘GB’ Agboola. “Flutterwave’s work is an example of the transformative power of financial technology, and I look forward to bringing my perspective as the company’s CEO to the Council.”

Other members of the Council include Ebenezer Onyeagwu, group managing director and CEO, Zenith Bank; Allan Thygesen, CEO, Docusign; Satya Nadella, CEO of Microsoft; Börje Ekholm, president and CEO at Ericsson; Todd Boehly, chairman and CEO at Eldridge; and Arvind Krishna, CEO at IBM.

[flutterwave]

Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK

Flutterwave, Africa’s leading payments technology company, and Acquired.com, a specialist in payment processing, have entered into a strategic partnership.

Flutterwave, based in Africa, facilitates seamless and secure payments across various platforms, helping businesses expand their operations internationally. Acquired.com, on the other hand, is known for its robust payment processing solutions and customised client consultancy, aiding companies in optimising their transaction processing.

The primary reason behind this partnership is to enhance the outward remittance service provided by Send App, Flutterwave’s flagship remittance product, for UK and EU cardholders. This collaboration aims to utilise Acquired.com’s expertise in payment processing to make transactions faster, safer, and more reliable for users sending money to Africa.

Flutterwave operates as a key player in the payments technology sector, offering businesses a powerful platform to extend their reach across Africa and other emerging markets. This is achieved through their comprehensive Application Programming Interface (API), which supports both local and cross-border transactions. Acquired.com contributes by providing tailored payment processing solutions that include advanced features like intelligent BIN routing and customised payment analysis, which significantly enhance the customer payment journey.

Flutterwave’s senior vice president, consumer business, James Hardy, expressed enthusiasm about the collaboration: “We are dedicated to enhancing the customer experience by working with the best partners to improve speed, transparency, and facilitating hassle-free money transfers. To achieve this, we have partnered with the industry’s leading platform to support our business goals. Acquired.com’s expertise and highly consultative approach makes them an ideal partner for us.”

Mark Johnson, commercial director at Acquired.com, also highlighted the collaborative spirit of the partnership: “We have thoroughly enjoyed collaborating with Flutterwave, tailoring our solution to meet the specific needs and address the challenges of the most trusted payments infrastructure providers on the African continent. Our customised analysis and recommendations have helped Flutterwave build on its success rates, increase collections, and enhance the customer experience – which is at the core of our service. We look forward to supporting Flutterwave as they continue to thrive in their business.”

Keep up with all the latest FinTech news here.

Copyright © 2024 FinTech Global

[olgbenga-agboola]

Exclusive: Flutterwave’s Olugbenga Agboola speaks on FW 3.0, IPO plans, and upgrading Barter

While GB was unclear about a timeline for an IPO for Flutterwave, he said the company’s current goal is digital market expansion. 

At the Kauffman Fellows event held in Nairobi this week, TechCabal spoke with Olugbenga Agboola, the CEO of Flutterwave. This publication shared several questions for him, including the state of its products, such as Barter and Send app, and we are posting them here verbatim to fully understand what the company has been up to and what it has planned for the coming days.

You talked about Flutterwave 3.0 a few years ago, which included several business segments. How is Flutterwave structured today, and what are your business segments?

GB: Flutterwave 3.0 was our evolution into a suite of products that would solve actual problems for consumers, Small and Medium Businesses (SMBs) and companies in Africa. We are looking at problems and basically identifying solutions. For example, when we launched the Send app, a remittance product, we made sending money anywhere in the world easier. But that is one problem but we also launched Swap. Swap is already in Nigeria and helps an average Nigerian who wants to swap currencies, from Naira to dollar, to be able to do so directly.

READ MORE: Breaking: Backed by CBN, Flutterwave’s new product Swap wants to solve Nigeria’s FX problems

And that’s our business. We help the average African business, both SMBs and enterprises or global corporations, to scale. 3.0 is when we structured the company into a suite of products where we can aggressively solve problems facing Africans in the African market.

What markets/countries does Flutterwave currently operate in? And what are your key markets? 

GB: So, in Kenya, we are a tech platform. We have partners in Kenya that we process payments with, like Uber. We have seen an opportunity in Kenya and are scaling here. Our scaling is in line with regulations and all the required processes. Our primary markets are Nigeria, South Africa, Egypt and Kenya. Our strategic markets are Rwanda, Ghana, Cameroon, Cote d’Ivoire and Senegal.

What is your fastest-growing business segment and country at the moment?

GB: Literally everything is growing very fast. Send app is growing at over 100%, and our portfolio of business is growing massively.  So we have been growing massively YoY now.

Barter is Flutterwave’s consumer-facing product focused on remittances, but you’re pushing a separate international payments app with a sleek design and faster payouts. Is Flutterwave going to deprecate Barter?

Well, we used to have a product called Barter. However, currently, it is in an upgrade phase. We want to build a new product to make Barter even more efficient, so we are working on that.

How is Flutterwave Send performing? And what growth metrics can you share?

Send app is growing at over 100 percent. Literally. It has been around, and we launched a new corridor from India to Africa and vice versa.

Flutterwave plans to list on the stock market. Considering the market momentum in recent weeks, what signal will you consider before finalizing your IPO plans? Ballpark on the same?

GB: When it is time, we will let you know for sure. Currently, we focus on customers, revenue, experience, and digital market expansion.

Flutterwave dismissed the allegations of fraud in Kenya, yet overall, statements from the regulator show the company faces a somewhat hostile environment in the country. How much progress has Flutterwave made to strengthen its relationship with the anti-graft agency and the CBK?

GB: The said issues have been addressed, even the ARA (Assets and Recovery Agency) issue, which is good. This is just proof of the proper governance within the company. ARA would not have found us free of every charge if we didn’t have a great infrastructure. We also scaling the team here with Leon Kiptum ( SVP of East Africa) here in Kenya. We are scaling the company and bringing the right people on board, and we are doing everything to scale and grow.

 Congrats on receiving the name approval in Kenya from the CBK.

GB: Yes, it is a step towards getting the licence. The first step is getting name approval, and that has been done, which is a very massive step. So very very soon, we should be having a licence.

TC: Bosun Tijani, the Nigerian minister, is a prominent name in the Nigerian/African tech industry. How important is his ministerial selection to Flutterwave and the Nigerian tech industry?

GB: Bosun’s appointment is amazing for Nigeria and the tech ecosystem. He has the experience and has walked the walk. On the government side, building policies is the best thing that can happen in Nigeria, and the country is very lucky to have Bosun. And I am very proud to have someone who has worked with us before.

[flutterwave]

Flutterwave granted payment licence in Mozambique

Africa-based payment technology company Flutterwave has received an approval-in-principle for its payment aggregator licence from Mozambique's central bank.

The approval allows Flutterwave to extend its payment services within Mozambique and enhance its operations across southern African markets. This development is expected to facilitate global enterprises and merchants in expanding their operations to Mozambique, enabling them to reach Mozambican customers and process payments. 

Furthermore, with the issuance of this licensce, Mozambique's e-payment landscape is anticipated to experience significant growth, with projections indicating a potential increase of over 15.28% in total digital transaction value over the next four years. Flutterwave's expansion into Mozambique aligns with its strategic objectives of broadening the reach of its infrastructure, securing multiple licences, and establishing a network of global partnerships to facilitate seamless payments across Africa for international enterprises. 

Commenting on this milestone, Flutterwave officials emphasised the company's commitment to empowering local businesses and facilitating global enterprises across various industries through secure and convenient payment solutions thus fostering inclusive growth.

Other Flutterwave developments 

Flutterwave represents a payment technology company that focuses on providing businesses and customers across the globe with the possibility to expand their operations and capabilities in the region of Africa, as well as other emerging markets. 

In April 2024, Flutterwave revealed a partnership with Acquired.com aimed to provide secure and efficient outward card payments on Send App for EU and UK users. Following this announcement, the two entities focused on optimising the manner in which customers processed domestic card payments on the Send App, a flagship remittance product. 

In addition, both firms prioritised the process of meeting the needs, preferences, and demands of clients in an ever-evolving market, while also remaining compliant with the regulatory requirements and laws of the local industries.

[flutterwave]

Flutterwave & Acquired.com partner for card payments on Send App

Flutterwave has partnered with Acquired.com to help users process domestic card payments on Send App, Flutterwave’s flagship remittance product.

Leveraging Acquired.com’s payment processing expertise, Send App will offer faster and more secure outward remittance transactions for UK and EU cardholders sending money to their business partners or loved ones in Africa.

James Hardy, Senior Vice President of Consumer Business, said, “We are dedicated to enhancing the customer experience by working with the best partners to improve speed, transparency, and facilitating hassle-free money transfers. To achieve this, we have partnered with the industry’s leading platform to support our business goals. Acquired.com’s expertise and highly consultative approach makes them an ideal partner for us.”

Send App empowers customers to send money quickly and reliably to local bank accounts and mobile money wallets. Collaborating with Acquired.com for processing ensures a seamless customer experience.

Flutterwave announced Send App’s rebrand earlier in August 2023, improving its experience and introducing new features like in-app customer support, voucher codes, and expanding geographies.

A pivotal aspect of this partnership involves Acquired.com’s work with Flutterwave on payment optimisation. This entails tailored analysis, presenting results, and offering recommendations to enhance Flutterwave’s processing capabilities further and streamline the customer journey. These recommendations, combined with the introduction of intelligent BIN routing through Acquired.com’s multiple acquiring connections, have resulted in a frictionless customer experience.

Commenting on the announcement, Mark Johnson, Commercial Director at Acquired.com, commented, “We have thoroughly enjoyed collaborating with Flutterwave, tailoring our solution to meet the specific needs and address the challenges of the most trusted payments infrastructure providers on the African continent. Our customised analysis and recommendations have helped Flutterwave build on its success rates, increase collections, and enhance the customer experience – which is at the core of our service. We look forward to supporting Flutterwave as they continue to thrive in their business.”

[flutterwave]

EFCC and Flutterwave Collaborate to Combat Cybercrime

To combat cybercrime and enhance the security of business transactions, payments technology company, Flutterwave announced on Thursday that it plans to establish a state-of-the-art Cybercrime Research Centre in partnership with the Economic and Financial Crimes Commission (EFCC). The Research Centre will be located at the new EFCC Academy in Abuja and will serve as a hub for advanced research, training, and capacity building in the fight against financial crimes. Commending EFCC’s effort in combating cybercrime and financial fraud, Flutterwave’s Chief Executive Office, Olugbenga Agboola said, “This initiative underscores our commitment to creating a fraud-free financial ecosystem and leading the charge in safeguarding transactions across Africa”. Adding that the initiative will also provide a “sustainable lifeline to youths across the country”. Also, at the landmark occasion were EFCC boss, Ola Olukoyede, Director of Federal Bureau of Investigations (FBI) Christopher Gray, and other senior officials from both the EFCC and the FBI. On his part, Olukoyede said, “This partnership marks a significant leap forward in our efforts to combat financial crimes and ensure a secure financial landscape for Nigerians. The Cybercrime Research Centre will significantly enhance our capabilities to prevent, detect, and prosecute financial crimes.” The centre’s focus areas will include; include advanced fraud detection and prevention, collaborative research and policy development, youth empowerment and capacity building, technological advancement, and resource enablement, among other key initiatives.

[flutterwave]

Flutterwave Mozambique receives payment aggregator license approval in principle

Flutterwave, Africa’s payment technology company, has received an approval-in-principle for its payment aggregator license from the Central Bank of Mozambique.

The expansion into Mozambique aligns with our strategic vision 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.

Olugbenga Agboola, Founder & CEO at Flutterwave, said, “Helping enterprises navigate the global financial terrain has always been our goal at Flutterwave, which is why I am pleased to announce that we have received approval in principle for our payment aggregator license from the Central Bank of Mozambique, which enables us to offer our payment services within the country. As individuals’ and businesses’ payment needs evolve across the country, we are ready to leverage our technology, extensive industry experience, and comprehensive solution to meet their diverse payment needs. We are grateful to the Central Bank of Mozambique for placing their trust in us and we are looking forward to the journey ahead .”

This license enables Flutterwave to boost economic growth, offer comprehensive payment services, and be a part of allowing development in the Southern African markets.

Flutterwave enables businesses across the world to expand their operations in Africa and other emerging markets through a platform that allows local and cross-border transactions via one Application Programming Interface (API). The company’s key advantage is connecting businesses to various local and international payment types to enable them to expand globally. It also enables cross-border transactions from the diaspora to African countries via its Send App product.

[flutterwave]

Send App by Flutterwave highlights unique cultural trends on International Day of Family Remittances (IDFR)

June 16th, 2024 is the International Day of Family Remittances (IDFR). Migrant and diaspora communities support millions of families by contributing to their poverty alleviation, education, healthcare etc. The International Day of Family Remittances (IDFR) highlights the economic impact of this money on households, communities, and nations, and recognises the sacrifice, separation and generosity often involved.

In celebration of the International Day of Family Remittances (IDFR) 2024, Flutterwave, Africa’s leading payment technology company, shares insightful data from Send App, its flagship cross-border remittance app.

The data reveals culturally rich and unique remittance behaviors reinforcing the thought previously shared by the company’s Founder and CEO, Olugbenga “GB” Agboola, that “No matter where we find ourselves as Africans, we remain tied to our homes and always seek measures to support, appreciate and stay connected with our loved ones.”

Key Statistics and Findings

● “Family Support” Dominates Remittances

Over 70% of remittances sent via Send App since 2021 are for family support, including education and medical payments. These remittances play a critical role in supporting the personal needs and survival of millions of people across Africa. It aligns with the growing global remittances trend with migrants' remittances to low- and middle-income countries (LMICs) estimated to be over USD 5 trillion.

● New Technology Supports Age-long Traditions

Since the option was added to the app's transfer description in December 2023, thousands of people have used "Bride Price" as the reason for sending remittances on the Send App. Notably, there was an 86.37% increase in the use of this reason from February to March 2024. This growth could indicate a possible increase in preparation for upcoming weddings across the continent.

● Who Wins the Generational Debate?

Over the past 15 months, more than 50% of Send App's users are millennials, and Gen Z constitutes 22%. This indicates that younger generations are embracing digital remittance services as a reliable and trusted means of supporting their families, friends, and loved ones back at home. However, older generations are not left behind. Gen X, which made up 20% of users, along with other generations completed the user distributions.

Built as a bridge for connecting diasporan communities to their roots, Send App remains committed to upholding the spirit of the International Day of Family Remittances (IDFR) by always recognizing the sacrifices and generosity of migrant communities while making remittances faster, cheaper, and more accessible for all.

[olgbenga-agboola]

Flutterwave CEO wins Fintech of the Year at African Banker Awards

Flutterwave, Africa’s most valuable startup, has been named ‘Fintech of the Year’ at the African Banker Awards in recognition of its contributions to the financial technology sector in Africa. The award celebrates Flutterwave and other companies and individuals setting new standards of innovation and contributing to the growth and development of Africa’s banking sector over the past year.

The award is Flutterwave’s third international recognition in 2024 after the fintech giant was included in CNBC’s Disruptor 50 list and Fast Company’s Most Innovative Companies.

Although it remains unclear when Flutterwave will IPO, the awards might lend credence to Flutterwave’s ambitions to go public. The fintech company has been linked to an initial public offering since August 2023, when Olugbenga Agboola, its CEO, disclosed that the fintech would forge ahead with its 2022 IPO plans. The fintech has also recently changed up its executive team after several high-profile exits in recent months. 

“We are incredibly honoured to receive this prestigious award,” said Agboola, in a statement seen by TechCabal. 

The award ceremony took place last night at the JW Marriott Hotel in Nairobi, Kenya, where over 300 of Africa’s leading figures in banking and finance were attending the African Banker Awards gala.

“This recognition is a testament to the hard work, dedication, and creativity of the entire team at Flutterwave. It also reaffirms our mission to simplify payments for endless possibilities, and we remain committed to building solutions that enable multinationals to expand in and within Africa, and also supporting African companies to compete globally,” an excerpt from the statement read. 

Flutterwave also received approval in principle for a payment aggregator licence from the Central Bank of Mozambique today as it looks to expand into the southeastern African region. The licence, if approved, will allow Flutterwave to support businesses expanding into Mozambique and global enterprises expanding into Africa.

Flutterwave’s key business is processing online payments, enabling international businesses like Uber to accept payments from African businesses and customers. The fintech allows these businesses and multinationals to accept various forms of payments, like mobile money, card payments, and bank transfers. 

[olgbenga-agboola]

Flutterwave secures top spot on CNBC's 50 Disruptor list, joining OpenAI, Stripe

Flutterwave ranked 14th on CNBC Disruptor 50 list, up from 21st in 2021The company, founded in 2016, is based in Lagos, Nigeria, and has secured $475 million in fundingFlutterwave processes payments in over 30 currencies across 40 countries and has expanded into India

Ranked 21st in 2021, the company now joins the ranks of OpenAI, Stripe, and Monzo, securing the 14th position this year.

Africa is home to the fastest-growing population in the world, and on a continent that lacks much traditional infrastructure, younger people are relying on technology for everything from banking to transportation and entertainment. Flutterwave is among a wave of startups using technology to fill in the gaps.

Flutterwave was founded by CEO Olugbenga "GB" Agboola in 2016 and is headquartered in Lagos, Nigeria. The company has secured $475 million in funding from firms such as Tiger Global Management and Salesforce Ventures and is currently valued at $3.2 billion.

Valuations in the fintech sector have fallen, but Flutterwave is reportedly moving forward with IPO plans. The company has said it might sell shares in New York and possibly Nigeria.

The fintech now processes payments in more than 30 currencies across 40 countries. The company expanded into India in September, partnering with IndusInd Bank to make remittances between India and Africa more efficient. The company works with companies such as Alibaba’s Alipay, Uber, Netflix and others.

“Our mission is to connect Africa to the world and the world to Africa by simplifying payments for endless possibilities,” Olugbenga Agboola, Flutterwave’s founder and CEO, said in a 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.”

Financial services are a tightly regulated industry, and Flutterwave hasn’t escaped regulatory scrutiny. Kenyan authorities launched a money laundering investigation in 2022. The Kenyan High Court froze bank accounts and the central bank said Flutterwave wasn’t licensed to carry out payment services in the country. The firm was cleared of wrongdoing in November.

[olgbenga-agboola]

Report: African FinTech Flutterwave Planning an IPO

Nigerian payments company Flutterwave is reportedly planning to go public. In an interview with Bloomberg News published Tuesday (Aug. 22), the company’s chief executive said it is moving forward with a planned initial public offering (IPO).Olugbenga Agboola, also one of the co-founders of Flutterwave, told Bloomberg the company had made progress in resolving financial impropriety claims in Kenya so it could find new and bigger global partners. The interview with Bloomberg came nearly a year after another company official — Chief Financial Officer Oneal Bhambani — told the news outlet Flutterwave was preparing for an IPO despite the troubles in Kenya. As noted here at the time, a Kenyan court had frozen Flutterwave’s accounts over allegations of anti-money laundering rule violations. The company had denied any wrongdoing.According to the Tuesday Bloomberg report, Agboola also downplayed claims that his company had refused to honor former employees’ stock rights, and that workers were harassed and bullied, saying these were “very, very isolated,” cases and they wouldn’t impact the IPO.In a statement to PYMNTS, Flutterwave said the case to unfreeze its accounts had been twice postponed and that it looked forward to the matter being resolved, but could not comment on specifics while the case was before the court.“However, we would like to emphasize the company has always been and will continue to conduct itself in strict compliance with the law,” the company said. “Our commitment to ethical practices and adherence to regulatory requirements is unwavering and we are actively cooperating with all the relevant authorities to ensure an expeditious resolution.”Flutterwave, which operates in more than 30 African countries, has gotten approvals that put it on the road to doing business in Kenya, a crucial African market, Agboola added. The company also won licenses from Rwanda’s central bank earlier this year, allowing it to expand its operations in that country, PYMNTS reported.“There’s some kind of customers we’ll attract when we are public,” he said in the interview. “The large global clients who need you to have the same level of compliance and level of global view that they have.”The news follows Flutterwave’s announcement earlier this month that it had extended its remittance solution Send App to Canada and the U.S., allowing for money transfers from those countries to customers in Africa.“The Send App is a user-friendly remittance solution built on our cross-border experience and global payment infrastructure reach that empowers diaspora Africans to make money transfers to the African continent quickly and easily,” Agboola said at the time.Flutterwave noted that remittances to Africa were $100 billion in 2022, with funds going to 200 million people.This year has also seen the company launch Tuition, a product that lets African users pay fees to educational institutions both within Africa and overseas by using local currencies, and form a partnership with Token.io to offer pay-by-bank capabilities.

[flutterwave]

Flutterwave Acquires Money Transmission Licenses in 13 US States

Flutterwave has acquired 13 money transmission licenses in the United States, allowing for faster, more affordable and secure money transfers between the U.S. and Africa.

These licenses expand Flutterwave’s reach to a total of 29 U.S. states, the payments technology company said in a Thursday (Dec. 7) press release.

Money transfer licenses are crucial for financial technology companies like Flutterwave as they authorize the transmission of money, according to the release. With these licenses, Flutterwave can now serve customers in more states, thanks to its money remittance app, the Send App.

This is particularly significant for the African diaspora, as sending money between the U.S. and Africa has historically been challenging, the release said.

“Our mission is to connect Africa to the world and the world to Africa by simplifying payments for endless possibilities,” Olugbenga Agboola, founder and CEO at Flutterwave, said in the 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.”

Flutterwave’s platform allows businesses worldwide to expand their operations in Africa and other emerging markets through a single application programming interface (API), according to the release. It has processed more than 550 million transactions, totaling over $32 billion, and serves more than 2 million businesses.

One of Flutterwave’s key advantages is its ability to connect businesses to various local and international payment types, enabling them to expand globally, the release said. Additionally, the company’s Send App facilitates cross-border transactions from the diaspora to African countries.

Flutterwave accepts payments through multiple channels, including local and international cards, mobile wallets, bank transfers and Google Pay, per the release. Its infrastructure spans 34 African countries.

“We’re growing and are committed to servicing customer needs in as many geographies as possible with a significant African diaspora,” Stephen Cheng, executive vice president of global expansion and partnerships at Flutterwave, said in the release.

In another recent development, Flutterwave launched a digital foreign exchange (FX) solution called Swap in September.

“We’ve seen people who wanted to pay for a conference in the U.K. or pay for a flight ticket now able to do so because Swap exists,” Agboola told PYMNTS at the time. “It’s becoming a very stable platform for the average Nigerian looking to make currency conversions.”

[flutterwave]

Flutterwave and EFCC collaborate to build a Cybercrime Research Centre

Flutterwave, a payment services provider has announced a partnership with Nigeria's Economic and Financial Crimes Commission to build and equip a state-of-the-art Cybercrime Research Center to intensify the fight against internet crime and promote secure online transactions.

The Cybercrime Research Center will be established at the new EFCC Academy to serve as a hub for advanced research, training, and capacity building in the fight against financial crimes.

The announcement comes as the partnership was formalised on June 14, 2024, during the signing of a Memorandum of Understanding (MoU) in Abuja between the two parties– Secretary of the EFCC, Mohammadu Hammajoda, and Olugbenga Agboola for Flutterwave.

Present at the event include the Executive Chairman of the EFCC, Ola Olukoyede, the Founder and CEO of Flutterwave, Olugbenga ‘GB’ Agboola, the Chief Compliance Officer, Mobolaji Bammeke, the Director of the American Federal Bureau of Investigations (FBI), Christopher Gray.

On the partnership, Agboola said Flutterwave is committed to promoting secure and safe transactions and creating a fraud-free financial ecosystem. Acknowledging the EFCC, he said, “we applaud the EFCC’s relentless efforts to combat Internet fraud and other illicit activities in the financial sector.”

Olukoyede expressed his gratitude for the partnership and noted its significant contribution to the Commission's efforts to combat financial crimes, stating that the Cybercrime Research Centre will significantly improve its capabilities to prevent, detect, and prosecute financial crimes.

While the initiative aims to develop and implement cutting-edge technologies for detecting and preventing financial fraud, the centre will also offer comprehensive training for law enforcement and industry professionals to combat financial crimes.

[flutterwave]

Flutterwave Recommits to Core Enterprise Payments And Remittance Services Amid Workforce Transition

Flutterwave, a leading African Fintech company, via a blogpost has announced a strategic shift in its operational focus to reinforce its core business and expand its growing remittance segment, Send App.

This decision which was made at the end of 2023 includes reallocating resources and restructuring teams to better capitalize on market opportunities. Consequently, as part of this strategic shift, Flutterwave faced the difficult decision to let go of 3% of its workforce.

Part of the blogpost reads,

“At Flutterwave, we’ve continued to build solutions that enable us to be the bridge between Africa’s payments landscape and the rest of the world, helping multinationals across the world drive growth in Africa and African businesses take flight across the world. By the end of 2023 we made a data-backed decision to recommit resources to our core business; enterprise payments. We also committed to doing more with our growing remittance segment; Send App. As a result, we have rebuilt the teams to more efficiently utilise the opportunities in these markets.

“Consequently, we’ve made the difficult decision to support the transition of 24 Wavers accounting for 3% of our workforce. These Wavers are some of the most hardworking people you’d meet. We put in the work and I can confidently say that at Flutterwave, we have a competent workforce where everyone actively contributes. But once the data and the business is pointing us to a specific direction, it would be counterproductive for us not to listen and create the right mechanisms to move faster on the opportunities awaiting us.”

Moving forward, Fluttereave assured a smooth transition for laid off employees, offering several support measures which includes;

•Final Payment: An average of three months’ gross salary, based on the country of employment, along with monetized unutilized leave days.

•Education and Training: Continued free access to professional training platforms for 12 months post-transition.

•Career Support: Three months of free outplacement services.

•Stock Options: An additional six-month vesting period for employees with stock options.

•Healthcare: Three months of free healthcare.

•Mental Health: Access to mental health and career coaching services for three months post-transition.

Notably, Flutterwave is also addressing employee concerns to remain competitive. The company is implementing a new compensation framework, featuring base pay adjustments and performance-based bonuses. The new compensation structure places the company at the 95th percentile for junior employees and 85th percentile for senior employees.

The payment giant aims to remain the payment gateway of choice for enterprise businesses expanding into and across Africa. It further announced plans to continue improving its solutions and strengthening our ability to give its customers the best-in-class services they deserve.

Looking ahead, Flutterwave plans to enhance its services and expand its team in key areas such as risk, compliance, engineering, and finance. The company is also preparing to operationalize new licenses for Send App to broaden its geographic reach.

Flutterwave remains committed to being the leading payment gateway in Africa, emphasizing its mission to impact future generations and create a lasting legacy.