An African FinTech

Flutterwave is a San Francisco-based payment processor focused on the African markets with offices in Lagos, Nigeria.

Flutterwave operates on the Dwolla (PC42 profile) platform and enables global merchants and payment service providers to build secure and seamless payment solutions for their customers by automating the exchange of funds through technology, infrastructure, and services.

In Feb 2021, Flutterwave has raised $250 million in a Series D round that tripled the company’s valuation to over $3 billion in just twelve months. In total, Flutterwave raised $475 million since its inception in 2016 and is currently the highest valued African startup, according to TechCrunch. It surpassed the $2 billion valuation set by SoftBank-backed fintech OPay and FTX-backed cross-border payments platform Chipper Cash.

The company was founded in 2016 by Iyinoluwa Aboyeji and Olugbenga Agboola and is headquartered in San Francisco, US.

Their vision is to make it easier for Africans to build global businesses that can make and accept any payment, anywhere from across Africa and around the world.

With Flutterwave technology,  merchants are able to send invoices to their customers via email or WhatsApp.

Earlier in July 2022 , a Kenyan High Court on Wednesday froze a number of bank accounts belonging to Nigerian fintech giant Flutterwave following allegations of money laundering by the Asset Recovery Agency.

Due to the regulatory issues and money laundering allegations, we place Flutterwave in our “Red Compliance” list.

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