Flutterwave Inc, the Pan-African payments company, is bullish about the future with plans to expand rapidly in the markets it operates.
The company founded seven years ago has been on a growth trajectory with footsteps spread across nearly 30 African countries. In an exclusive interview with Bloomberg, Flutterwave’s co-founder, Olugbenga Agboola, expressed his vision of strengthening the company’s foothold in existing markets and achieving potential licensing breakthroughs.
“The goal is to make merchants across Africa, consumers across Africa use us more and know that we are the most reliable platform to use,” Agboola emphasized. He underscored the immense potential of Africa as a market and expressed confidence in its growth prospects.
Send App by Flutterwave
Recently, Flutterwave unveiled an expansion of its remittance capabilities, targeting the United States of America, Canada, and Egypt. The company has refined its Send Mobile product, now rebranded as “Send App by Flutterwave,” to enable swifter, more convenient, and cost-effective cross-border money transfers from the African diaspora to their families and friends in Africa.
Send App has broadened its support to include transfers from the US and Canada, with the addition of recipient countries Egypt and Sénégal. Introduced in 2021, Send by Flutterwave has emerged as a secure and transparent solution, bridging geographical gaps, strengthening connections, and facilitating seamless interactions between the African diaspora and their home countries.
This rebranding coincides with a period of remarkable growth in remittances to the continent, which have doubled over the past decade, reaching an estimated $100 billion in 2022 according to the United Nations. These funds support essential expenses such as medical bills, school fees, and general living costs for approximately 200 million family members across Africa.
In a significant development, Flutterwave has also received first name approval from the Central Bank to initiate the process of applying for a money remittance license. Agboola anticipates the license to be granted in the near future.
Highlighting the company’s commitment to broadening its financial reach, Agboola reiterated the company’s plans to move forward with its Initial Public Offering (IPO). He noted that the goal is to attract investors who are keen on collaborating with publicly listed companies. While Flutterwave has previously considered listing shares in New York and Nigeria, Agboola did not provide specific details in this regard.
With operational bases in Lagos and San Francisco, Flutterwave has garnered substantial investments from renowned venture capital firms such as Tiger Global Management LLC. The company has established collaborative partnerships with industry giants including Alibaba’s Alipay, Uber Technologies Inc., and Netflix Inc.