Fintechs in Africa: Flutterwave is Breaking Boundaries and Showing Much Prospects
It’s no longer news that Flutterwave recently secured a venture funding of $10 million in a Series A funding round with Greycroft and Green Visor leading the funding round. In case you are not familiar with the name Flutterwave, let me bring you up to speed.
Flutterwave is a fin-tech company. Its main product is a payment API that makes it easy for banks and businesses to process payments across Africa and beyond. The chart below will help you get a clearer picture:
Flutterwave was founded, in 2016, by a team of ex-bankers, entrepreneurs and engineers. This young startup has processed over $1.2 billion in nothing less than 10 million transactions, with offices in San Francisco(headquarters), Lagos, Nairobi, Accra and Johannesburg. In a market that is said to be worth about $59 Billion (statista-Africa and middle east) and has a projected annual growth rate of about 17%, Flutterwave has begun the journey on a good footing.
Iyinoluwa Aboyeji, managing director and co-founder of Flutterwave recently told CNN tech that the company’s mission is to “connect Africa to the digital economy…”. Aboyeji is not new to success stories, as a co-founder of the prestigious coding school Andela, Aboyeji was actively involved in making Andela what it is today.
It is interesting to note that Flutterwave is in partnership with Greycroft, Green Visor, Glynn Capital and Y combinator. These are the same companies that helped build brands like Stripe, Xoom, Visa etc. As it is with most successful start-ups, if this growth continues; Flutterwave is setting itself up for a big acquisition.
A merger with Stripe is not out of place too, as this will make economic and business sense for its investors. Not to get ahead of ourselves, it is pertinent to realise that Flutterwave needs to master the Africa market, build a strong payment infrastructure across the continent and achieve a steady continuous growth pattern with their payment platform.
Flutterwave is a visionary 21st century start up, that is already changing the speed at which business is done within Africa. There’s more work to be done in opening up Africa to the world. Despite bottlenecks from African governments and its agencies, Flutterwave is doing its bit to making Africa the choice destination for investments.
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