Pan-African fintech firm Flutterwave has secured 13 additional money transmission licenses in the United States, further fortifying its position in the competitive financial technology sector. The company’s strategic move enhances its ability to facilitate seamless remittances to and from approximately 29 states within the U.S. through its specialized remittance product, Send App.
The states now covered by Flutterwave’s extended regulatory approvals are Arizona, Arkansas, Maryland, Michigan, Delaware, Georgia, Maine, Mississippi, Missouri, New Hampshire, Iowa, North Dakota, and South Dakota.
Stephen Cheng, the Executive Vice President for Global Expansion and Partnerships at Flutterwave, highlighted the significance of obtaining these licenses, stating, “Getting these licences expands our regulatory footprint, demonstrates our ability to deliver services with safety and soundness, and fosters trust of regulators, partners, and customers.”
This strategic move comes just four months after Flutterwave announced the expansion of its cross-border payment services to the United States. Cheng emphasized the company’s commitment to compliance with regulatory requirements across diverse markets, ensuring the safety of customer funds and building an environment of trust.
Flutterwave, previously confronted with regulatory challenges in Kenya, has actively pursued licenses related to remittance. In November, the Reserve Bank of Malawi granted the company an International Money Transfer Operator (IMTO) license. Before this, Flutterwave partnered with IndusInd, the sixth-largest bank in India by assets, to extend its remittance product, Send App, to the South Asian country. Additionally, the fintech obtained a similar license in Rwanda.
Olugbenga Agboola, Founder and CEO at Flutterwave, acknowledged the growing significance of remittance flows, stating, “Remittance flows have become one of the largest sources of external finance to African countries after foreign direct investment and continue to attract increasing attention because of its rising volume and impact on the receiving countries.”
Agboola affirmed Flutterwave’s overarching mission to connect Africa to the world and vice versa, simplifying payments for diverse possibilities. Expressing optimism about the company’s future, he added, “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.”
