Flutterwave, Africa’s most valuable startup, has made the coveted 12th annual CNBC Disruptor 50 list. The firm ranked 21st in 2021 and now joins OpenAI, Stripe, and Monzo in 14th place this year.
Africa has the world’s fastest-growing population, yet young people rely on technology for everything from banking to transportation and entertainment on a continent with limited traditional infrastructure.
Flutterwave is one of many firms that use technology to fill the gaps.
CEO Olugbenga “GB” Agboola started Flutterwave in 2016, and the company is headquartered in Lagos, Nigeria.
The company has received $475 million in capital from Tiger Global Management and Salesforce Ventures and is currently valued at $3.2 billion. Fintech valuations have plummeted, but Flutterwave is forging on with its IPO plans.
Flutterwave received 13 money transmission licenses in the United States in late 2023, boosting its access to 29 states.
The corporation has stated that it may offer shares in New York and Nigeria.
The fintech now accepts payments in over 30 currencies and 40 countries. In September, the company expanded into India, working with IndusInd Bank to improve the efficiency of remittances between India and Africa.
The company collaborates with several companies, including Alibaba’s Alipay, Uber, and Netflix.
“Our mission is to connect Africa to the world and the world to Africa by simplifying payments for endless possibilities,” Flutterwave founder and CEO Olugbenga Agboola stated in a press statement.
“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.”
Financial services are highly regulated, and Flutterwave has not avoided regulatory scrutiny. Kenyan authorities opened a money laundering investigation in 2022.
The Kenyan High Court blocked bank accounts, and the central bank stated that Flutterwave was not licensed to provide payment services in the country. In November, the firm was exonerated of wrongdoing.
