Flutterwave

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Editor: Marthia Keorapetse

Flutterwave is a technology which uses digital payments infrastructure that assists banks and businesses to build seamless and secure payments for their customers.[1] Its mission is to inspire a new wave of prosperity across Africa by building payments infrastructure that will connect Africa to the global economy.[2]

History

Flutterwave was founded in 2016 by Iyinoluwa Aboyeji, co-founder Olugbenga Agboola, and a team of African payments, technology and banking veterans from Standard Bank, Google Wallet, Andela and PayPal, amongst others.[3]

Aboyeji started Flutterwave after discovering that the payment challenges in Africa contribute to the fledgling e-commerce market, while he was still involved with his previous company Andela, which focuses on recruiting and training African developers. Aboyeji experienced challenges with sending money into Africa and had to process payment every one to three months in order to avoid incurring too many fees. It also took at least a week to transfer money to local bank accounts. He believed that solving the payment challenges for merchant partners across the continent could unlock billions of dollars.[4]

Since its inception in 2016, Flutterwave has processed $2.5 billion in payments, 100 million transactions, and is partnered with 50 African banks with over 1200 developers that build on the platform.[5] Flutterwave has also been able to raise over $20 million in investments.[6]

In 2017, Flutterwave extended its services by introducing a payment product called Rave. Rave opens businesses to more opportunities by allowing them to accept a range of payment methods from customers around the world. It creates any type of payments flow, from e-commerce to recurring billing and everything in between. Some of the companies that use Rave include Uber, Flywire, Arikair.com, Jumia, marketHub, and Booking.com.[7]

In 2019, Flutterwave partnered with Visa to launch a consumer payment product called GetBarter. The product is aimed at facilitating personal and small payments within countries and across African borders. GetBarter allows Flutterwave, which has scaled as a payment option for big companies through its Rave product, to pivot to African consumers and traders. The payment product also creates a platform for clients on multiple financial platforms, such as Kenyan mobile money service M-Pesa, to make transfers across payment products and national borders, as well as being able to shop online.[8]

Flutterwave serves some of the popular payment service providers in Nigeria including Paywithcapture, Paystack, AmplifyPay and many more. It also works with Access Bank, Uber and Page Microfinance. Some of the payment methods it supports includes Visa, MasterCard, ApplePay, Verve, American Express, Android Pay and others.[9] By the end of 2018, Flutterwave had processed $2.6 billion in transaction value.[10]

Investments and Achievements

In 2017, Flutterwave raised $10 million in a Series A round of funding. Key investors at that time included Green Visor and Greycroft Partners. In 2018 it concluded an extension of its Series A funding round, with participation from global payments company MasterCard, CRE Ventures, Fintech Collective, 4DX Ventures, and Raba Capital, among others, and raised a total of $20 million. As part of the deal, Green Visor Capital Chairman and General Partner and former CEO of Visa, Joseph Saunders, joined the Flutterwave Board of Directors. Through its investments, Flutterwave has also been able to raise over $20 million in investments.[11]

In 2018, Flutterwave received the ‘Best Payments Company’ award at the Ghana eCommerce Awards ceremony.[12]

References