Fintech Startup, Flutterwave Processed $1 Billion Worth of Transactions in 2018
2018 was a highly successful year for many startups, and Nigerian fintech startup, Flutterwave was not left out. The startup announced via a blogpost that it processed over $1 billion (N365 billion) worth of transactions in 2018.
According to the post, the total processed value for 2018 signified a 401% increase when compared to $205 million in 2017. And it took just 46 million transactions for the payment processing & electronic remittance startup to hit that incredible milestone.
The startup also got licenced to operate in the United Kingdom and Zambia last year bringing the total of countries it operates in to 7 (Nigeria, Uganda, Tanzania, Kenya, Ghana, and now United Kingdom and Zambia).
The review is not also without data for its two major products, Ravepay (payment method for merchants) and Barter (a platform used for creating virtual cards by customers). With 26,000 merchants signed onto its Ravepay platform, Flutterwave witnessed a 512% growth in total processed value from $141 million in 2017 to $869 million in 2018.
And for Barter, its over 30,000 users meant an increase in both transactions and value. 27 million transactions were processed using barter signifying a 75% increase from 2017. Its total value of $29 million represents an outrageous 1,571% increase from $1.6 million in 2017.
The reasons for y-o-y (year on year) growth could perhaps be attributed to the series of partnerships the startup undertook in 2018 as well as the series of new licences and certifications it obtained. These, in addition to its expansions, gave it more reach and resulted in more users getting signed up on its platform.
The startup also reported that the majority of customers using its platform to purchase from merchants are from Lagos, Abuja, Ibadan, Ekiti, Dublin, Accra and Nairobi.
Flutterwave was also a recipient of some industry recognitions and awards including the ‘Best Payments Company’ award at the Ghana eCommerce Awards ceremony.
Flutterwave is a payment processing startup established by Andela co-founder Iyin Aboyeji and Olugbenga Agboola. Geared towards simplifying African payments, Flutterwave aggregates payment services from several gateways including mobile money and places them under one platform. This helps banks and businesses provide seamless and secure payment experiences for their customers.
The startup recently closed a funding round worth $10 million from MasterCard, Fintech and several other financial giants.
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