Flutterwave has ranked the 14th in the CNBC’s Disruptor’s list, joining the ranks of OpenAI, Stripe, and Monzo.
CEO Olugbenga “GB” Agboola established Flutterwave in 2016, with its headquarters situated in Lagos, Nigeria. The company has amassed $475 million in funding from notable entities like Tiger Global Management and Salesforce Ventures, boasting a current valuation of $3.2 billion.
Despite a downturn in fintech valuations, Flutterwave is reportedly pressing ahead with its IPO aspirations. It’s contemplating the sale of shares in both New York and potentially Nigeria.
Operating across 40 countries, Flutterwave now facilitates payments in over 30 currencies. Its recent expansion into India in collaboration with IndusInd Bank aims to enhance remittance efficiency between India and Africa. Notable partnerships include Alibaba’s Alipay, Uber, and Netflix.
Furthermore, Flutterwave’s footprint in the U.S. has expanded significantly, obtaining 13 money transmission licenses in late 2023, thus broadening its reach to 29 states.
“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.
“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, operating within the tightly regulated financial services sector, found itself under regulatory scrutiny. In 2022, Kenyan authorities initiated a money laundering investigation.
This led to the freezing of bank accounts by the Kenyan High Court, alongside statements from the central bank asserting that Flutterwave lacked the necessary licenses for payment services in the country. However, the company was vindicated of any wrongdoing in November.
