$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.
Flutterwave currently have two products; Rave and Barter (GetBarter)
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.
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.
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.
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.
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