Browsing: Flutterwave

Online payment solutions are immensely beneficial for their users, both customers and merchants alike. Online payments help reach global customers, reduce the cost of transactions and provide payment security (compared to cash payments). They create a more pleasant experience for the users who need not rush to banks and malls to buy or pay for their needs.

Pan-African fintech giant Flutterwave has kept its promise about Google Pay, as users of the global payment service can now use it for transactions with merchants on Flutterwave’s stores.

Google Pay was designed to enable users’ safe, seamless, contactless payments. It uses near-field communication (NFC) technology to facilitate fund transfers for retailers in physical stores. Users can also save their card details into the Google Wallet service and make online or in-app payments.

Court documents show that Flutterwave Payments Technology ltd is owned by Nigerians Olugbenga Agboola, Adeleke Christopher, Iynoluwa Samuel, and Flutterwave Inc, which is registered in the United States and has an office at 1323 Columbus Avenue, San Francisco.

David Mouko Elizaphan Omaanya, a Kenyan, is also a director, but he doesn’t own any shares. Olugbenga Agboola and Iyinoluwa Aboyeji started the Nigerian company in 2018.

The court heard that between November 2020 and this year, Flutterwave put Sh12.4 billion into a single account at Equity Bank. This shows how much money the start-up was able to handle.

Later, the money from the Equity account was sent to Rem X Ltd, which Nehikhare Eghosasere and Demuren Olufemi Olukunmi own.

The application for this programme went live on March 8 and will be processed on a rolling basis until the deadline on May 1, 2022, at 11:59 GMT.

The rigorous and immersive Investor accelerator programme will launch in June 2022, running for 20 weeks until late October.

Participants in this programme will be taught actively, with multiple live sessions every week, occurring on evenings and weekends to engage them. Investor accelerator guarantees over 800 hours of content, distributed across strategic block-based learning and complemented by a team of panels with leading industry professionals like GPs and Executives in many Venture Capital firms actively investing in or based out of Africa markets.

In the latest fundraising led by B Capital Group, Flutterwave raised US$250 million, with participation from Alta Park Capital LP, Whale Rock Capital and Lux Capital.

Flutterwave said in an emailed statement on Wednesday. “The investment has enabled the company to become the highest valued African startup,” a Flutterwave email read.

Flutterwave has processed transactions worth more than US$16 million in over 50 million transactions across dozens of countries in Africa, facilitating cross-border transactions in multiple currencies for companies, including Uber Technologies Inc., and Alibaba’s Alipay. It has evolved beyond payments products to an online marketplace and a lending channel to small and medium businesses.

With operations from the Nigerian commercial hub of Lagos to Nairobi, Kenya, the San Francisco-based company will continue to grow in East Africa. According to Flutterwave’s software engineer, the company also plans to expand its Francophone African nations such as Senegal and Cameroon.

PAGA, a payment processing company in Nigeria (similar to PAYPAL) started by Tayo Oviosu in 2009 is on track to potentially be the next unicorn as it processed $2.3 billion worth of transactions in 2020 and $8 billion during the past four years. The company is now expanding into Ethiopia and Mexico as part of its global growth plan.

Another future unicorn is CNG TRANSFER founded during the pandemic by Emmanuel Tochi and Vincent Omulo, a Nigerian and Kenyan, respectively. The startup’s flagship product is – a cross border intra-African money transfer platform built on blockchain enabling Africans to transparently move money from one country to another at no cost. Within a year of launch, they have already processed 100 million of Kenyan Shillings in Kenya alone while operational in Nigeria, Zambia, Botswana, South Africa, Rwanda and Ghana.

I ended my May 2021 essay with the hypothesis “…leading fintechs might turn around and start acquiring the banks” and,…