Flutterwave: Future of Finance in Africa
San Francisco-based start-up Flutterwave has built a digital financial transactions system that helps consumers securely process payments and access banking services in Africa.
The online system aims to provide a safe infrastructure, allowing for easier and quicker card payments and bank transfers across the continent. Whereas before it was difficult to transfer money between African countries, Flutterwave acts as a gateway to manage risk and processing issues between the consumer and the beneficiary.
The digital platform also improves the way money from international sources is transferred, enabling money to reach Africa more swiftly and in the client’s local currency. “As an African, I have always felt like a third-class citizen on the internet because many popular web services – like Stripe, PayPal and Airbnb – launched internationally but excluded African countries, just because it was too hard to process payments there. I want us to be the company that makes it possible for the world’s best internet companies to launch in or from Africa from day one,” co-founder Lyinoluwa Aboyeji told California-based start-up accelerator Y Combinator.
Launched in beta in August 2016, Flutterwave currently services Nigeria and Ghana, though the team is looking to build a pan-African network in the coming months. It has already transacted more than $20m to date, working with clients including Uber Nigeria and local financial institutions Access Bank, Paystack and Page Microfinance.
For more on how tech-driven start-ups are changing the future of the finance industry, see Future Fintech: Wired Money 2016.