Solving African Payment Problems Through Unified Gateway
Flutterwave is changing the way payment is being done across Africa and other part of the world. With a unified payment gateway is making it easy for a Pan-African transaction through an effective integration across commercial banking institutions and other businesses making it faster to do Pan- African transaction with a simple click.
Nigeria happens to be one of many least developed nations in terms of technology, even with the rise of numerous technological solutions, one can still point to the fact that a lot needs to be done. One of finest young Nigeria’s leading serial entrepreneur and our very own iteration of Iron Man, in person of Iyin Aboyeji co-founded
Flutterwave after his Departure from Andela. Flutterwave was founded in 2016, by Iyinoluwa Aboyeji, co-founder Olugbenga Agboola, and a team of African payments, technology and banking veterans from Standard Bank, Google Wallet, Andela and PayPal, amongst others. Flutterwave was started due to payments challenges experienced in Africa which resulted in fledging e-commerce market. Flutterwave allows clients and companies to tap its APIs and work with Flutterwave developers to customize payments applications.
Flutterwave falls under the category of a fintech organization that allows for seamless and secure payments to banks, diverse businesses and a number of their customers. With their solutions, sellers can accept payments locally or internationally via card and bank accounts. Currently Flutterwave holds 25,000 plus merchants in its abode and accepts a variation in mode of payment. As operated in distinct countries Flutterwave’s stack also powers services such as; Megabet, an online gaming service, entered the Nigerian scene and reached out to Flutterwave to be one of their payment technology partners. Megabet ,Walletng, PiggybankNG, MAXGO and a multitude of other platforms
Products and Services
The two major products of Flutterwave are:
Rave by Flutterwave is a service product that allows website owners and merchants to accept payments globally from customers in 154+ countries with zero setup fees and no troubles. Cards( Visa, MasterCard, Verve e.t.c), bank accounts, and USSD modes of payment are supported. Your customers both local and international can pay you directly from their bank accounts. Merchants accept global payments from card, bank accounts and USSD. In the past year, RAVE has been integrated into a number of online websites and platforms. With Rave, you avoid high conversion fees and can receive funds in your local currency. Rave supports a range of payments in various currencies: Naira, US Dollar, Euro, British Pound, and many more. As a PCI DSS compliant solution, Rave ensures the security of your customer data. Rave is backed with vault-level security to ensure all transactions are secure.
Flutterwave partnered with Visa to launch a consumer payment product for Africa called GetBarter. The payment product was launched in 2019 which target market is for everyone who has a payment need in Africa,that includes the entire bank customer base in Nigeria, mobile money and bank customers in Ghana, and everyone on the continent. GetBarter is aimed at facilitating personal and small merchant payments within countries and across Africa’s national borders. Visa cardholders can send and receive funds at home or internationally. In other words, Barter Issues and manages virtual and physical cards for retail, loyalty and expense management
In 2017, Flutterwave raised $10 million in a Series A round of funding. Key investors at that time included Green Visor and Greycroft Partners.
In 2018, Flutterwave was one of several African fintech companies to announce significant VC investment and cross-border expansionFlutterwave added operations in Uganda in June and raised a $10 million Series, a round in October that saw former Visa CEO Joe Saunders join its board of directors. making the Country Flutterwave’s fifth destination in Africa after Ghana, Kenya, South Africa, and Nigeria, where it has launched the company also plugged into ledger activity in 2018, becoming a payment processing partner to the Ripple and Stellar blockchain networks. A major Achievements for Flutterwave was the conclusion an extension of its Series A funding round, with participation from global payments company MasterCard, CRE Ventures, Fintech Collective, 4DX Ventures, and Raba Capital, and the raise of a total of $20 million investments. As part of the deal, Green Visor Capital Chairman and General Partner and former CEO of Visa, Joseph Saunders, joined the Flutterwave Board of Directors. In 2018, Flutterwave received the ‘Best Payments Company’ award at the Ghana eCommerce Awards ceremony.
Flutterwave makes it possible to take and make payments with no iota of stress. Making payments, hassle free and easy is just testament of Flutterwave’s alphabetic slogan, and of things to come. In recent times, Flutterwave’s success journey has moved beyond their local community, Flutterwave’s Alipay collaboration also tracks a trend of increased presence of Chinese companies in African tech. The Alipay collaboration follows a previous one between Flutterwave and Visa earlier in 2019 that launched a consumer payment product for Africa Flutterwave recently moved in to Uganda, first; Online Payment Technology Solutions | Flutterwave.