Flutterwave Inc, the trailblazing Pan-African payments company, is embarking on an ambitious journey towards rapid expansion across its operational landscape, signalling its unwavering confidence in Africa’s economic potential and its commitment to providing seamless financial solutions to its users.
Vision of Expansion
Founded seven years ago, Flutterwave has set an impressive growth trajectory, with its influence reaching nearly 30 African countries. In a candid conversation with Bloomberg, Olugbenga Agboola, the co-founder of Flutterwave, shared his strategic vision for the company. Agboola emphasized the company’s aspiration to solidify its presence in its existing markets while also exploring breakthrough licensing opportunities.
“Our goal is to make merchants and consumers across Africa rely on us as the most trustworthy platform,” Agboola stated. He reiterated his strong belief in the immense growth prospects that the African market holds.
Empowering Remittances with Innovative Solutions
Recently, Flutterwave revealed a significant expansion of its remittance capabilities, targeting not only the African continent but also bridging the gap between the diaspora and their families. The revamped “Send App by Flutterwave” facilitates swift, cost-effective, and secure cross-border money transfers from the US and Canada to Egypt and Sénégal, connecting African diaspora members with their loved ones.
This enhancement comes at a pivotal juncture, as remittances to Africa have doubled over the last decade, reaching an estimated $100 billion in 2022, as reported by the United Nations. Flutterwave’s Send App contributes to alleviating essential expenses for approximately 200 million family members across Africa, ranging from medical bills to education fees and everyday living costs.
In a significant stride towards further financial empowerment, Flutterwave has secured first-name approval from the Central Bank, setting the stage for the acquisition of a money remittance license. Agboola anticipates that this license will be granted in the near future, demonstrating the company’s commitment to regulatory compliance and strengthening its capabilities in the remittance sector.
Initial Public Offering (IPO) Prospects
Agboola reaffirmed Flutterwave’s intentions to proceed with its Initial Public Offering (IPO), with a goal to attract investors interested in partnering with publicly listed entities. While Flutterwave has previously contemplated listing its shares on both the New York and Nigerian stock exchanges, specific details about the listing remain undisclosed.
With operational centers in Lagos and San Francisco, Flutterwave has garnered substantial investments from prominent venture capital firms, including Tiger Global Management LLC. Notably, the company has established strategic partnerships with industry giants such as Alibaba’s Alipay, Uber Technologies Inc., and Netflix Inc., underscoring its influence and significance in the evolving fintech landscape.
As Flutterwave boldly charts its course into the future, its ambitious expansion plans and innovative solutions stand poised to reshape the financial ecosystem across Africa and beyond.