When a formidable team of innovators rub minds together to
create a product that would be industry-changing, it is called a disruption.
This is the story of flutterwave.
Are you a business owner looking to do business in Africa but
managing payments seamlessly is a huge source of concern for you? Then read on
.
By now it's no longer news that there's disruption in the
finance industry especially within Nigerian and generally on the African
continent as a whole, technology is re-shaping how payments are made not just
within Nigeria and Africa but in the world at large. One of such companies at
the intersection of this rapid growth and innovation that has piqued interests is
flutterwave.
What is
Flutterwave?
Flutterwave is an online payment processing company focused on helping and
connecting businesses and their customers with secure and seamless payment
experience.
Flutterwave works with
banks across Africa by providing the needed technology and integrations for
payments in local currencies with local debit cards, bank accounts or mobile
wallets across several African countries. It was founded in 2016 by a team of
ex-bankers, entrepreneurs and engineers and one notable member of the team is
Iyinoluwa Aboyeji (a co-founder at Andela one of the African continent's most
notable tech startup).
Headquartered in San
Francisco (which was stragetic to the company landing international funding)
with offices in Lagos, Nairobi, Accra, Johannesburg flutterwave's service
allows consumers to pay for things in their local currency. Before flutterwave,
there was no universal payment method in Africa for businesses to accept and
transfer payments which significantly created a gap for businesses as well as
consumers. African businesses have a hard time accepting payments within the
continent as well as outside. This digital divide also makes it difficult for
companies like Google, Netflix,Amazon and Facebook to accept local payments
from African customers.This was one of the motivating factors for one of the
co-founders, Iyinoluwa Aboyeji to leave Andela ( a company he had recently
cofunded for flutterwave, a passion to place Africa on the global digital and
payments landscape).
In 2017, it was able
to raise over $10 million in a Series A round of funding. The round was led by
Greycroft Partners and Green Visor Capital with participation from Y Combinator
and Glynn Capital which flutterwave used to get more talents and build it's
global reach.
To date, the company
has processed more than $2.5 billion in payments (as of 2019, flutterwave) across 100 million transactions. 350 currencies across
30 African countries are currently accepted by flutterwave and a small service
charge is collected from businesses, which it shares with banks. It has
partnered with 50 banks in Africa and 1200+developers build on Flutterwave for
a company that's 3years old that's laudable of course having a highly skilled
team is evidently a plus as well. To advance their goal as the payments
platform to be reckoned with, the Flutterwave team has integrated other foreign
payments API to theirs, making transactions between buyers and sellers globally
even more seamless. businesses that use flutterwave include Uber, flywire,
OjaExpress, Kikikamu etc
Lifechanging
Innovations
Products that have
been developed by flutterwave as it charts frontier leadership within the
fintech industry include:
Rave (flutterwave for
business) is a payment service created by flutterwave that enables merchants
accept global payments from card, bank accounts and USSD. It supports payment
from 150+ currencies which is a breathe of fresh air for African businesses.
Rave has no set up or monthly fees costs, you can start with right away and
only pay for the transactions you accept Rave is now connected to Xero,
Quickbooks, Sage and Zoho.
GetBarter (flutterwave for
consumers) is a lifestyle payment solution launched by flutterwave alongside
Visa. Visa cardholders will be able to make payments within the app and make
online and mobile transactions by attaching their card details to their
GetBarter app profile while non-card carriers can generate a virtual Visa card
upon registration. GetBarter users can carry out their business transactions,
pay utility bills and send payments to thousands of anywhere Visa is
accepted globally.
FlutterWave's
Challenges
Amidst these rave
reviews (pun intended), there have been some reservations like one's inability
to securely capture a payment when you make use of your own forms, unlike its
foreign peers: Stripe and Fattmerchant, that allow you to tokenize your credit card
payments in a safe way, while allowing you to use your own forms. But it cannot
be ignored, the unique abilities that Flutterwave possesses when it comes to
payment on a continent where very few are in possession of credit cards is
quite a feat on its own.
Achievements
- 2017 -
raised $10 million in a Series A funding.
- 2018
- completed an extension of its Series A funding round backed by global
payments companies like CRE Ventures, Fintech Collective, MasterCard 4DX
Ventures amongst others and raised a total of $20 million.
- 2018 - Flutterwave
received an award for the Best Payments Company at the Ghanaian eCommerce
Awards ceremony in Ghana.
- By the end of 2018
there was 550% growth in the customer base for rave(flutterwave for
business). Also it had 26,000 users and counting.
- 2019
- Flutterwave partnered by Visa launch consumer payment product called
GetBarter.
- 2019
- Flutterwave currently partners hotels.ng on its internship project for
young developers IN Nigeria.
In all if you are a
business looking for a way to create a seamless payments system within your
business within the African continent then flutterwave is your best bet for a
seamless experience.
By: Kadijat Modupeola Okeowo
By: Kadijat Modupeola Okeowo
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