Company

Flutterwave.

Flutterwave is an African based fintech company, that provides a payment infrastructure for global merchants and payment service providers across the continent. It helps banks and businesses create a seamless and secure payment experience for their customers.

Type- Private

Registered name- Flutterwave Inc.

Founded- 5/02/2016

Founders- Olugbenga Agboola and Iyinoluwa Aboyeji.

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Sector- Technology.

Industry- Fintech.

Area Served- Africa and San Francisco.

Key people- Olugbenga Agboola (co-founder and CEO), and Iyinoluwa Aboyeji (co-founder).

Number of employees- 9 current employee profiles and 5 board members and advisors.

Location- 1323, Columbus Avenue, San Francisco, CA 94133

Services-  IT services

Website- www.flutterwave.com

Email- [email protected]

Instagram- @theflutterwave

LinkedIn- (https://ng.linkedin.com) Flutterwave

Twitter- @theflutterwave

Facebook- Flutterwave INC.

About Flutterwave

It is no news that in recent years online shopping has become a major means of purchasing goods as it is more convenient, easy to compare prices and goods with different vendors, make payments and receive goods without leaving the comfort of one’s house. Flutterwave provides a social platform that people can take strategic advantage of to sell their products. It’s one of the easiest ways to make and accept payment from customers anywhere in the world. The team of ex-bankers, entrepreneurs and engineers decided to provide businesses all around the world a powerful, intelligent and reliable payment gateway via the award-winning technology core needed to do so.

Company History

Flutterwave was founded on the 5th of February,2016 by a team of African technology and finance adepts from Google wallets, PayPal, Standard Bank and Andela to mention a few. It was cofounded by Iyinoluwa Aboyeji and Olugbenga Agboola. While Aboyeji Iyinoluwa was at his former company, Andela, that deals with recruiting and training African developers, he discovered the payment challenges in Africa that the entrant and neophyte e-commerce market was faced with.  He faced challenges sending money to Africa and had to result to processing money every one to three months and a week to transfer money to local banks so as not to incur much fees.  He understood and believed that solving the payment challenges for African merchants could unlock billions.  Flutterwave has since inception processed 100 million transactions, partnered with over 50 banks with over 1200 developers to build on the platform and has processed $2.5 billion in payments also raised over $20million in investment. It also makes transactions across more than 33 African Countries where it operates.

It serves some popular payment service providers, the likes of Paystack, Paywithcapture, Amplifypay and many others, supports payment methods like visa, MasterCard, ApplePay, Android Pay, American Express, Verve and lots more, Flutterwave works with Access Bank, Page Microfinance and Uber. As at the end of two years, Flutterwave had processed $2.6 billion in transaction value. Flutterwave extended it’s services in 2017 by bringing a payment product called Rave. Rave is platform that provides more opportunities to businesses to accept a range of payments methods from customers around the world. Uber, Arikair.com, Jumia ,Flywire, Bookings.com and Market Hub are some if the companies that use Rave. Wakanow, Airpeace, Transfer wise are other companies that use Flutterwave. Not too long Flutterwave got it’s accreditation from the Bank of Rwanda, permitting it to operate in Rwanda’s market, currently Flutterwave has operations in Ghana, Kenya, Uganda, Nigeria, South Africa, Tanzania, United Kingdom, America and Europe.

Vision

To make it easier for Africans to build global business that can make and accept any payment, anywhere from across Africa and around the world.To make it easier for Africans to build global business that can make and accept any payment, anywhere from across Africa and around the world.

Mission

To simplify payments for endless possibilities. To inspire a new wave of Prosperity across Africa by building payments infrastructure that would connect Africa to the global economy.

Core Values

Flutterwave has 5 core values that every member of the team lives by.

  • They Create and Innovate.
  • They’re loyal to one another.
  • They’re customer focused.
  • They build trust capital.
  • They communicate respectively.

Services

  • Flutterwave provides you an easy way to receive payment anywhere via Mpesa, Mobile money wallets, USSD, QR Codes, bank accounts, POS ( point of Sale), Debit and Credit Cards.
  • Flutterwave mobile app turns any smartphone into a mobile POS, you can generate a payment link through the app and share it to customers to pay using their card as they would using a physical POS. The mobile app helps you accept more payment types than any physical POS can accept, endless possibilities with card payments, Bank transfers, USSD, Paga, Mobile Money, PayPal. Fulfilled and Pending orders can be tracked, new products can be added and balanced checked directly on the app.
  • During the pandemic, when the need to sell and shop online was accelerated, that now made consumers more than happy to stay at home and complete their purchase online, therefore the need for Flutterwave to create a store that makes it easy for consumers to purchase products.
  • Owning a Flutterwave store makes running your business more convenient as it eliminates certain barriers like security risks and secured payment methods.
  • Using the Flutterwave API, you can instantly create and manage virtual cards. These cards can be used  instantly through mobile wallets and global website.

Investments and Achievements.

  • Flutterwave raised $10 million in a series A round of funding in 2017, with Green Visor and Greycroft Partners as investors. It concluded an extension of it’s series A founding round in 2018, with involvement from global payment company MasterCard, Fintech collective, CRE ventures, Raba capital and raised $20 million in total. Green Visor Capital Chairman and Joseph Saunders, the former CEO of Visa  both joined the board of directors as part of the deal and through it’s investments, Flutterwave has raised $20 million in investments.
  • Flutterwave received the Best payments Award at the Ghana e-commerce Awards ceremony.
  • Flutterwave has ranked as first Nigerian investee of Venture Capital Company Endeavor, Nigeria.
  • In 2019, Flutterwave was named as Ycombinator’s Most Valuable Company from Africa.
  • Flutterwave won the changing Africa award at the 2019’s AppsAfrica innovations Award in Capetown on the 11th November,2019.
  • Flutterwave was listed by Fast Company among the 10 innovative companies in Africa in 2019.
  • In 2019, Flutterwave partnered with Visa to launch consumer payment product called GetBarter, a product aimed at facilitating personal and small business payments within countries and across African borders.
  • In July 2019, formed a new partnership with Chinese e-commerce giant, Alibaba which allows African merchants to receive payments from Alipay’s one billion users.
  • On 15th August,2019 Afropolitan Group, a lifestyle and entertainment company partnered with Flutterwave.
  • 21st January,2020 Flutterwave partnered with WorldPay, a payment facilitator, in order to create efficient payment system across Africa. Flutterwave is WorldPay’s first African partner.
  • Flutterwave in conjunction with Google Nigeria aimed to start up a series of business clinics, an initiative called Digital Business Compass. An initiative aimed to help 500 merchants across Nigeria, to acquire the skills and tools required to leverage the web for growth.
  • In March 2020, Flutterwave was nominated for the Africa CEO Forums Awards, an award to recognize Africa’s most successful companies and Flutterwave was nominated under the Disrupter of the year.
  • In 2021, raised US$170 million in series C founding round, as at then it was the largest amount ever secured by an African tech startup and gave Flutterwave a valuation of over US$ 1billion making it a unicorn.
  • In December 2021, Flutterwave launched Spend, an African focused remittances service, and immediately appointed Nigeria international musician Balogun Ayodeji Ibrahim (Wizkid) as it’s global brand ambassador.

Executive Team

  • Iyinoluwa Aboyeji (CEO 2016-2018)
  • Olugbenga Agboola (CEO 2018 till date)
  • Bode Abifarin (Chief Operating Officer)
  • Ifeoluwa Orioke ( Chief Commercial Officer)
  • Mo Bammeke ( Chief Compliance Officer)
  • Rick Rosenthal SVP (Global Head of Finance)
  • Oluwabankole Falade ( Chief Regulatory and Government Relations Officer)

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