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{{Short description|
{{Infobox company
| name = Flutterwave Inc
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| foundation = 2016
| ___location =
| key_people = [[Olugbenga Agboola]] ([[CEO]]), [[Iyinoluwa Aboyeji]][[Olatomiwa Oshinmade]]
| industry = [[Financial technology|FinTech]]
| homepage = {{URL|https://flutterwave.com/}}
}}
'''Flutterwave''' is
== History ==
In 2021, Flutterwave raised a US$170 million [[Series C]] funding round.<ref>{{Cite web|title=African payments company Flutterwave raises $170M, now valued at over $1B|url=https://techcrunch.com/2021/03/09/african-payments-company-flutterwave-raises-170m-now-valued-at-over-1b/|access-date=13 March 2021|website=Tech Crunch|date=9 March 2021 }}</ref> At the time, this was the largest amount ever secured by an African tech startup and gave it a valuation of over US$1 billion,<ref>{{Cite web|last=Princewill|first=Nimi|date=11 March 2021|title=Nigerian startup Flutterwave secures $170 million in capital injections from investors, now valued at over $1 billion|url=https://edition.cnn.com/2021/03/10/africa/startup-flutterwave-funding-intl/index.html|access-date=13 March 2021|website=[[CNN]]}}</ref> making Flutterwave a [[Unicorn (finance)|unicorn]].<ref name=":0" /> Investors in Flutterwave include [[Y Combinator|Y-Combinator]], [[Visa Inc.|Visa Ventures]], [[Mastercard]], Avenir Growth Capital, and [[Tiger Global Management]].<ref>{{Cite web|title=Dealroom: About Flutterwave|url=https://app.dealroom.co/companies/flutterwave|access-date=13 March 2021|website=[[Dealroom]]}}</ref> Flutterwave raised a US$250 million Series D funding round at over US$3 billion valuation in 2022 as well.<ref>{{Cite web|date=2022-02-16|title=Flutterwave secures $250m Series D with valuation at over $3bn|url=https://techcabal.com/2022/02/16/flutterwave-secures-250m-series-d/|access-date=2022-02-21|website=TechCabal|language=en-US}}</ref>
In December 2021, Flutterwave launched Send App,<ref>{{Cite web|title=Flutterwave Send Website|url=https://send.flutterwave.com}}</ref> an African-focused remittances service
In January 2022, Flutterwave partnered with AfroSport Network to broadcast the 2021 [[Africa Cup of Nations]] free-to-air from 9 January 2022 to 6 February 2022.<ref>{{Cite web|date=2022-01-06|title=Flutterwave Sponsors AFCON 2021 Broadcast On Afrosport TV
In 2024, Flutterwave announce several developments. In April, the company announced plans for an [[Initial public offering]].<ref>{{Cite web|date=2024-04-24|title=Flutterwave Prepares for African Fintech IPO|url=https://fintech.industryexaminer.com/flutterwave-african-fintech-ipo/|access-date=2024-04-24|website=Fintech Industry Examiner|language=en-US}}</ref> That same month, Flutterwave's CEO, Olugbenga Agboola, was named vice chair of the U.S. Chamber of Commerce's US-Africa Business Center board of directors.<ref>{{Cite web |author=Staff Writer |date=2024-04-26 |title=Flutterwave founder named vice chair of US-Africa Business Center's board |url=https://itweb.africa/content/WnxpE74Y152MV8XL |access-date=2024-08-27 |website=ITWeb Africa |language=en-ZA}}</ref> In June, Flutterwave partnered with Nigeria’s Economic and Financial Crimes Commission (EFCC) to establish and lead a state-of-the-art Cybercrime Research Center.<ref>{{Cite web |title=Flutterwave Partners EFCC to Establish Consortium Led Cybercrime Research Center |work=The Flutterwave Blog |url=https://flutterwave.com/us/blog/flutterwave-partners-efcc-to-establish-consortium-led-cybercrime-research-center |access-date=2024-08-27 |publisher=Flutterwave |language=en}}</ref> Following this, in July, Flutterwave joined the prestigious Milken Institute’s Africa Leaders Business Council.<ref>{{Cite web |date=2024-07-23 |title=Milken Institute Scales Up Engagement with Africa Through New Business Council |publisher=Milken Institute |url=https://milkeninstitute.org/content-hub/news-releases/milken-institute-scales-engagement-africa-through-new-business-council |access-date=2024-08-27 |language=en}}</ref> In August, Flutterwave expanded its digital payment services with a license in Ghana, marking the 34th African country where it holds a license.<ref name=":1">{{Cite web |last=Duruson |first=Sylvia |date=2024-08-05 |title=Flutterwave Expands Digital Payment Services in Ghana with New License |url=https://www.techinafrica.com/flutterwave-expands-digital-payment-services-in-ghana-with-new-license/ |access-date=2024-08-27 |website=Tech In Africa |language=en-US}}</ref>
==Digital Store==▼
At the peak of the [[COVID-19]] pandemic, Flutterwave built a digital store to help medium and small-scale businesses that were badly impacted by the global lockdown to display their products for market online. The store became a turnaround for these businesses that are mainly without digital footprints or without the means to integrate payment into their webpage. Over 20,000 businesses enrolled on the store for free through a campaign called "keeping the lights on".<ref>{{Cite web |date=2021-04-26 |title=How Flutterwave is helping SMEs in Africa 'keep the lights on' during the pandemic |url=https://amp.cnn.com/cnn/2020/05/28/africa/flutterwave-coronavirus-africa/index.html |access-date=2022-09-09 |website=[[CNN]] |language=en}}</ref><ref>{{Cite magazine |date=2020-05-28 |title=Flutterwave Powering retailers |url=https://time.com/collection/time100-companies/5949986/flutterwave/ |access-date=2022-09-09 |magazine=Time |language=en}}</ref>▼
== Awards and recognitions ==
==Switching License==▼
Flutterwave was named to the 2024 [[CNBC#History|CNBC Disruptor 50 list]].<ref>{{cite web |website=CNBC
== Controversy ==▼
|url=https://www.cnbc.com/2024/05/14/flutterwave-cnbc-disruptor-50.html
|title= 14. Flutterwave
|date=May 14, 2024
|access-date=October 11, 2024
}}</ref> That same year, CNBC and Statista included Flutterwave in the top 250 fintech companies in the world for the first time in 2024.<ref>{{Cite web |date=2024-07-18 |title=Flutterwave Named Among World's Top 250 Fintechs by CNBC and Statista |url=https://fintecbuzz.com/flutterwave-named-among-worlds-top-250-fintechs-by-cnbc-and-statista/ |website=fintecbuzz.com |access-date=2024-08-27 |language=en-US}}</ref>
▲At the peak of the [[COVID-19]] pandemic, Flutterwave built a digital store to help medium and small-scale businesses that were badly impacted by the global lockdown to display their products for market online
On September 1, 2022, [[Bloomberg News|Bloomberg]] reported that the [[Central Bank of Nigeria]] had granted Flutterwave the country's highest payment processing license, which allows it to process transactions between banks and cards without intermediaries. The switching processing license grants Flutterwave autonomy across the payments ecosystem value chain.<ref>{{Cite web |date=2022-09-01 |title=Flutterwave Obtains Key License in Nigeria Ahead of Planned IPO |url=https://www.bloomberg.com/news/articles/2022-09-01/flutterwave-obtains-key-license-in-nigeria-ahead-of-planned-ipo |access-date=2022-09-01 |website=Bloomberg |language=en}}</ref> This includes processing funds transfers between banks and fintechs, as well as participating in agency banking and other payment services.<ref>{{Cite web |title=CBN Grants Flutterwave Switching and Processing Licence |url=https://www.thisdaylive.com/index.php/2022/09/05/cbn-grants-flutterwave-switching-and-processing-licence/ |access-date=2022-10-09 |website=thisdaylive.com}}</ref><ref>{{Cite web |last=Quadri |first=Sultan |date=2022-09-01 |title=Flutterwave secures payment license and plans IPO amidst regulatory hurdles |url=https://techcabal.com/2022/09/01/flutterwave-receives-new-payment-license-and-plans-ipo-amidst-regulatory-challenges/ |access-date=2022-10-09 |website=TechCabal |language=en-US}}</ref><ref>{{Cite web |author=CNBC.com staff |title=21. Flutterwave |url=https://www.cnbc.com/2021/05/25/flutterwave-disruptor-50.html |access-date=2022-12-09 |website=CNBC |date=25 May 2021 |language=en}}</ref>
▲== Controversy ==
=== Kenya licensing and Money Laundering Allegations ===▼
Flutterwave, in an official response, disclosed that it submitted applications for licensing to the central bank of Kenya in 2019 but has yet to be granted one.<ref>{{Cite web |date=2022-07-28 |title=Flutterwave Says It's Awaiting Kenya License After Bank Snub |url=https://www.bloomberg.com/news/articles/2022-07-28/kenya-says-flutterwave-and-chipper-cash-not-licensed-operators#xj4y7vzkg |access-date=2022-08-12 |website=Bloomberg|language=en}}</ref><ref>{{Cite web |date=2022-07-30 |title=We submitted application for licence to operate in Kenya since 2019, Flutterwave reacts to CBK allegation |url=https://www.vanguardngr.com/2022/07/we-submitted-application-for-licence-to-operate-in-kenya-since-2019-flutterwave-reacts-to-cbk-allegation/ |access-date=2022-08-12 |website=Vanguard Newspaper|language=en}}</ref><ref>{{Cite web |date=2022-07-25 |title=Nigeria's Flutterwave faces Kenya fraud allegations |url=https://restofworld.org/2022/flutterwave-fraud-allegations-kenya/ |access-date=2022-08-16 |website=Rest of World |language=en-US}}</ref>▼
In July 2022, a Kenyan High Court froze accounts held by Flutterwave
In February 2023, the ARA withdrew its case against Flutterwave, and a Kenyan court released $51.9 million that had been frozen. The court documents revealed that the agency absolved Flutterwave of any wrongdoing, effectively clearing the company of all allegations.<ref>{{Cite web |date=2023-02-28 |title=Kenyan court releases frozen Flutterwave funds |url=https://techpoint.africa/2023/02/28/kenyan-court-releases-frozen-flutterwave-funds/ |access-date=2023-03-10 |language=en-US}}</ref><ref>{{Cite web |url=https://techpoint.africa/2023/11/09/flutterwave-cleared-in-kenya/ |access-date=2024-09-03 |website=techpoint.africa |title=Flutterwave cleared in Kenya as anti-money laundering agency drops its final lawsuit against the fintech |date=9 November 2023 }}</ref><ref>{{Cite web |url=https://techpoint.africa/2023/02/28/kenyan-court-releases-frozen-flutterwave-funds/ |access-date=2024-09-03 |website=techpoint.africa |title=Kenyan court releases frozen Flutterwave funds |date=28 February 2023 }}</ref>
▲=== Money Laundering ===
▲In July 2022, a Kenyan High Court froze accounts held by Flutterwave holding over 6.2 billion [[Kenyan shilling]] based upon allegations that the funds were the proceeds of credit card fraud and money laundering after a request from Kenya's Assets Recovery Agency. <ref name="TheCable ML">{{cite web|url=https://www.thecable.ng/flutterwave-denies-money-laundering-allegation-as-kenyan-court-freezes-bank-accounts/amp|title=Flutterwave denies money laundering allegation as Kenyan court freezes bank accounts|last=Azeez|first=Wasilat|date=July 7, 2022|work=[[TheCable]]|language=English|access-date=3 September 2022}}</ref><ref name="Reuters ML">{{cite web|url=https://www.reuters.com/technology/flutterwaves-accounts-frozen-kenya-over-money-laundering-claims-2022-07-07/|title=Flutterwave's accounts frozen in Kenya over money laundering claims|date=July 7, 2022|publisher=[[Reuters]]|access-date=3 September 2022}}</ref><ref name="Bloomberg 1">{{cite web|url=https://www.bloomberg.com/news/articles/2022-08-11/biggest-africa-startup-battles-multiple-allegations-in-ipo-runup|title=Africa's $3 Billion Startup Battles Allegations as It Plans IPO|last=Prinsloo|first=Loni|date=August 11, 2022|work=[[Bloomberg News|Bloomberg]]|access-date=3 September 2022}}</ref> The company has denied accusations of financial misconduct.<ref name="Bloomberg 1" />
▲
===Harassment===
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=== Fraud ===
On March 3, 2023, a Twitter user tweeted about a hack at Flutterwave. Two days later, on March 5, Flutterwave denied the
== See also ==
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*[[Interswitch]]
*[[Paystack]]
*[[Pay4Me App]]
*[[PayPal]]
*[[Stripe (company)]]
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{{reflist|30em}}
==External links==
*
[[Category:Financial services companies established in 2016]]
[[Category:Financial technology companies of Nigeria]]
[[Category:Privately held companies of Nigeria]]
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