The CEO of Nigerian fintech, Flutterwave, Olugbenga Agboola, has revealed the payment unicorn’s ambitions saying they are only getting started in Africa.
In the last 1 year, Flutterwave, Africa’s most valuable startup, has been on an expansion spree acquiring operating licenses in multiple African countries including:
Malawi
Uganda
Ghana
Mozambique
The company has also acquired 49 money transmitter licenses across the United States as it looks to fulfill its mission of “bridging the gap between Africa and the global economy.”
REGULATION | African Fintech Unicorn, Flutterwave, Acquires 13 Licenses from United States in Continued Expansion
Fluterwave has been on an expansion drive across Africa and the world. The company is also in the process of launching USDC payment settlements in partnership… pic.twitter.com/B3dxmmNqmk
— BitKE (@BitcoinKE) December 14, 2023
“Our recently acquired licenses in Malawi, Uganda, Ghana, and Mozambique, as well as our expansion to 49 states in the U.S., will further extend our solutions of bridging the gap between Africa and the global economy,” Flutterwave CEO, Olugbenga Agboola, said in a recent interview.
According to the Agboola, Flutterwave’s main markets in Africa are:
Egypt
Morocco
in North Africa
Nigeria
Ghana
Senegal and
Côte d’Ivoire
in West Africa
Rwanda
Tanzania
Uganda, and
Kenya
in the East Africa corridor.
Then you look at Central Africa, that’s Cameroon.
The acquisition of licenses across these leading markets will help the company become more reliable to its customers, eliminating any dependencies from banks and other third-party relationships, while also solidifying its business.
“…You have to ensure that you eliminate as many third-party layers as possible and ensure you are the direct owner of your infrastructure. This will allow you to give your customers more value,” said Agboola.
“We cannot afford third-party downtime, so we need to hold our licenses. However, it depends on the market. Some markets are obviously more priority for our customers than others, but our goal is any market that is top-of-mind for our top customers, we have to hold our license in those markets.”
Agboola also addressed the decision to stop operations of its consumer product, Barter, and instead focus on its enterprise product Flutterwave For Business (FFB), as well as Send App, its remittance product.
FINTECH AFRICA | FlutterWave Shuts Down Consumer Facing Product, Barter, to Focus on Enterprise and Remittance Products
This announcement comes on the heels of the recent temporary closure of Disha, another platform under the Flutterwave umbrella. This strategic decision… pic.twitter.com/A92NEtqtHE
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According to TechCrunch, Flutterwave For Business (FFB), which banks, startups, and companies in e-commerce, transportation, and FMCG use to accept payments, generates 90% of the fintech’s revenue.
The remaining 10% comes from its remittance service, Send App, which enables users to make international money transfers across Africa, Europe, the U.S., and Canada.
“We want to be that infrastructure layer that powers all the who’s who of payments on the continent; I’d say we want to be the Adyen of Africa.”
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