Founder: Olugbenga "GB" Agboola (CEO)
Launched: 2016
Headquarters: Lagos, Nigeria
Funding: $475 million
Valuation: $3.2 billion
Key technologies: Cloud computing, low code/no code software
Industry: Fintech
Previous appearances on Disruptor 50 List: 1 (No. 21 in 2021)
Africa is home to the fastest-growing population in the world, and on a continent that lacks much traditional infrastructure, younger people are relying on technology for everything from banking to transportation and entertainment. Flutterwave is among a wave of startups using technology to fill in the gaps.
Flutterwave's ideal customer is a business owner or enterprise seeking to scale operations across Africa and globally. The fintech now processes payments in more than 30 currencies across 40 countries. The company expanded into India in September, partnering with IndusInd Bank to make remittances between India and Africa more efficient. Flutterwave also received 13 money transmission licenses in the U.S. in late 2023, expanding its reach to 29 states.
"Our mission is to connect Africa to the world and the world to Africa by simplifying payments for endless possibilities," Olugbenga Agboola, Flutterwave's founder and CEO, said in a press release. "These licenses move us one step closer to our vision and we will continue to expand this feat to ensure coverage for all states in the U.S. and beyond."
The company works with companies such as Alibaba's Alipay, Uber, Netflix and others.
Financial services are a tightly regulated industry, and Flutterwave hasn't escaped regulatory scrutiny. Kenyan authorities launched a money-laundering investigation in 2022. The Kenyan High Court froze bank accounts and the central bank said Flutterwave wasn't licensed to carry out payments services in the country. The firm was cleared of wrongdoing in November.
In December, the company announced several new hires focused on partnerships and risk management. Flutterwave hired Amaresh Mohan as the company's first chief risk officer. It also hired Stephen Cheng as EVP of global expansion and payment partnerships and Amanda Ortega as head of compliance for the U.S. Ortega was previously a regulator at the State of Wyoming's Division of Banking.
Founded in 2015, Flutterwave has grown rapidly and has received funding from venture capital firms such as Tiger Global Management and Salesforce Ventures. Valuations in the fintech sector have fallen, but Flutterwave is reportedly moving forward with IPO plans. The company has said it might sell shares in New York and possibly Nigeria.
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