$2.5billion in payment process, 100 million
transactions processed, 50 plus bank partners and still going higher!
Think payment, Think Flutterwave!
Flutterwave, born in 2016 by Iyinoluwa Aboyeji, Andela
co-CEO and a group of ex-bankers, entrepreneurs and engineers who wanted a
change in the African payment system. The issue of payment for Nigerian and
African companies was a problem till Flutterwave came to being with various
iterations of payments.
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| Iyinoluwa Aboyeji and Mark Zuckerberg |
PRODUCTS
Flutterwave currently have two products; Rave and
Barter (GetBarter):
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| Rave by Flutterwave |
Rave lets you accept payment locally and globally with zero set up fees. No
matter where you are, you can receive payment in the local currency of your choice
as it supports over 150 currencies. Rave is being used by a lot of companies
and startups to make their payment solutions easier.
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| Barter by Flutterwave |
Barter lets you manage payments and subscriptions. It came to being through a
partnership with Visa. Barter was launched to assist SMEs and individuals alike
to transact across Africa.
ACHIEVEMENTS
Ever since its inception, Flutterwave has gone from
being one of the startups to a big name in payments solutions and that has seen
huge investments from investors. The latest of which is a partnership from
between itself and Alipay, Alibaba’s digital wallet and payments
platform. The collaboration was made as there was an increase in Chinese
engagement with African tech.
In the words of the CEO, Olugbenga Agboola, “…you
can’t connect Africa to the world without China.”
Flutterwave has also been given approval to implement
USSD to its payment solutions. This approval meant one could transact with no
internet access and just through a mobile phone thereby making it accessible to
the few who are not connected to the internet.
Flutterwave also saw the addition of Joe Saunders,
former Chairman and CEO of Visa who came in to fill in the gap Iyin left behind
as he stepped down as CEO.
PROS AND CONS
With its zero-set-up policy, Flutterwave has
encouraged SMEs to partake in rebranding Africa to the world.
Rave supports over 150 currencies.
However, there has been complaints of data breaches
and poor customer care services. Users who have installed the GetBarter app
have complaints of the app only supporting two banks. The only way those
without the supported banks can transact/add money to their Barter account is
by the usage of debits cards.
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| Olugbenga Agboola, CEO, Flutterwave |
Within a short span of 3 years, Flutterwave has proved
its worth and living up to their name; changing payments in Africa and by
letting Africans partake in the digital economy.
A one step to greatness for Africa.











