Flutterwave: Revolutionizing Online Payments In Africa
A lot of people have engaged in commerce to exchange services and goods for payment for a whole lot of ages. The transactions did not always involve money. The most utilized means of payment back then was the trade by barter. However, with the evolution of technology, payment and money have improved drastically. Recently, current online payment processing technology and advanced business solutions make monetary/financial transactions possible at any place and time .
At the helm of this technological advancement is a fin-tech startup situated in the commercial capital of Nigeria, West Africa – Flutterwave.
Flutterwave is an online payment platform that aims at providing solution to all kinds of payment problems both locally and internationally. It helps businesses majorly in Africa go global by allowing the ease of exchange of funds in more than 250 currencies.
The company was founded in 2016 by two Nigerians – Iyinoluwa Aboyeji and Olugbenga Agboola, it is currently headquartered in San Francisco, California. They are said to have raised a total of $20.4 Million in funding over 9 rounds with about 25 investors.
Flutterwave allows clients to tap its APIs and work with Flutterwave developers to customize payments applications. There are two widely known products of Flutterwave; Rave, Flutterwave for businesses and Barter, Flutterwave for Customers which both help bridge the gap in transaction through its ease of cashless transaction solutions today.
Rave by Flutterwave is a payment service that allows merchants accept global payments from card, USSD and bank accounts. This product first made its debut on August 20th, 2017 at the Jollof Festival, Lagos. Some of the popular platforms that have integrated this payment service include: Megabet, Mcash, FlyWire, Jumia, The SME Markethub, Arik Air among a host of others.
GetBarter on the other hand is a solution aimed at facilitating personal and small merchant payments within the country and beyond its African borders. It was formed as a result of the partnership between Flutterwave and Visa.
The product also lets non-cardholders (those with accounts or mobile wallets on other platforms) create a virtual Visa card to link to the app.
As of recent also, Flutterwave partnered with Chinese Alibaba’s Alipay to offer payments between Africa and China which is in line with its mission to take Africa to the world. This development makes it easier for African merchants to receive payment from its Chinese customers.
With a huge pool of over 25,000 merchants, Flutterwave has processed 100 million transactions worth $2.6 billion since inception, according to company data.
Flutterwave is also known for its contribution to the tech community which can be seen in Forloop Africa, HNG Internship, Flutterwave Job Fair amongst others.
In conclusion, the strides and impact of Flutterwave on the African business market cannot be overemphasized as they have allowed for seamless and easy online payment transactions. To check out and utilize their products, visit https://flutterwave.com