Flutterwave is a fintech startup founded in 2016 to simplify payments for businesses and individuals in Africa. The company provides a platform that allows businesses and customers to make and receive payments using multiple payment methods including cards, bank transfers, mobile wallets, and more. Flutterwave operates in 33 African countries and has partnerships with various financial institutions to provide payment services to millions of people on the continent. With its Major operating offices in San Francisco, United States, and Lagos, Nigeria amongst other major cities. Flutterwave has raised over $225 million in funding from notable investors, including Avenir Growth Capital, Tiger Global Management, and Sequoia Capital.
On the 15th March 2023, Flutterwave announced it has been issued Electronic Money Issuer and Remittance Licenses from the National Bank of Rwanda. This will help the company expand its operations to the East African country.
With these new licenses, in addition to being a Payment Service Provider, Flutterwave can offer money deposit and withdrawal, electronic funds transfer, as well as inbound and outbound remittance services to the 13.46 million people living and working in Rwanda.
According to Olugbenga Agboola (GB), Founder and CEO of Flutterwave, “From our first transaction to over 400 million now, we’ve remained committed to our vision of connecting all parts of Africa through payments and connecting Africa to the world. As a country well known for fostering innovation and promoting the use of digital technology, Rwanda has always been important to our expansion plans in East Africa”.
With the new development, Flutterwave will be deploying Send by Flutterwave, which is its cross-border money transfer solution, as well as Flutterwave for Business to help individuals and businesses in Rwanda make the most of their businesses. This is a starting point for Flutterwave as they continue to expand across East Africa.
Also remember that on February 9th, 2023. Flutterwave also announced that it has received its Payment Services Provider and Payments Facilitator licenses in Egypt, these licenses will enable Flutterwave to act as an official payment service provider in the country, collect payments on behalf of its customers and settle payments locally and globally. These licenses will also further allow Flutterwave to deploy its Business suite of products which includes(store, payment links, invoices, and checkout services) in Egypt.
Similarly, Ethiopians in Diaspora can send money home and have the receivers pick up the cash in Dashen bank branches, Amole Agents, and Ethiopian postal service offices. This puts Flutterwave as a force to reckon with for payment services in Egypt, Rwanda, Ethiopia as well as many other African countries.