Flutterwave in Nigeria
Flutterwave is a financial company that develops payment solutions for businesses and people in Africa. Fintech startup flutterwave is a payment solutions technology firm.
The business has developed a payment infrastructure to make it easier for businesses and individuals to make and receive digital payments across the world.
Ever since launching in 2016, this company has processed 100 million transactions worth $5.4 billion for businesses such as Uber, TransferWise, and Flywire.
Flutterwave’s solution enables banks and merchants to replace multiple payment integrations with one simple API, which enables processing of any form of payment anywhere in Africa.
The startup is one of Africa’s most-backed company, raising US$10 million in Series, A funding in August 2017, an extension round in 2018, and a US$35 million Series B in January of last year.
It has now added to that funding with a record-breaking Series C round worth US$170 million, which takes the value of the company to over US$1 billion.
In this global economy, eCommerce is the order of the day. And a vast amount of online businesses have emerged all over the world especially in Nigeria, and these businesses offer services to consumers who pay through payment gateways.
Startups, SMEs (Small and Medium scale Enterprises) and even larger corporations also utilize these payment gateways to handle their day-to-day transactions securely.
Now, with the all time increase in the creation of startups and businesses in Africa, the the continent still suffers from harmful stereotypes of cyber-crime which result in most payment systems largely limiting the type and freedom of online monetary transaction in Africa.
This prevents these indigenous businesses from reaching a larger and global consumer out reach.
Flutterwave was born on the Amazon Web Services (AWS) Cloud. To reduce costs and increase agility, it redeveloped its application code for serverless AWS Lambda functions.
Today, hundreds of AWS Lambda functions enable core Flutterwave processes. These include integration between Flutterwave’s payment infrastructure and card partners such as Visa, as well as other financial institutions.
The company uses AWS Lambda, Amazon API Gateway, and Amazon Simple Queue Service (Amazon SQS) to support the issuance of settlement reports on payment transactions which is good for the african market space.
Flutterwave IT personnel have cut the time for on boarding new business customers by more than 60 percent. The IT team builds web dashboards for new customers to see the number and kinds of payment transactions taking place via Flutterwave payment solutions.
While the company,has an active presence in 11 African countries, including Nigeria, Ghana, Kenya, and South Africa, and at the time of its Series B just over one year ago had processed 100 million transactions valued at over US$5.4 billion for global leaders including Uber and Booking.com. The funding was for the expansion into new market spaces over board.
Flutterwave was Founded in 2016 by two Nigerian entrepreneurs, Iyinoluwa Aboyeji and Olugbenga Agboola and their aim was to provide a solution to the fragmented state of online payments in Africa. It was highly stated that Flutterwave is a Fintech company built by Africans for Africans.
It is an end-to-end payment platform that makes it easier for banks and businesses to process their payments across Africa and over the world. They eliminate the need for domiciliary accounts and separate currency accounts for your international transactions by customizing your payments in your own currency.
The company has one amazing product which allows for businesses to interface with their customers, accept payments from various credit cards and banks, mobile wallets from all over the world while handling these transactions efficiently and securely.
Flutterwave has since marked it’s turf on ground in Nigeria as the number one choice for any and all payment transactions.