Flutterwave spent a decade moving money. Now it wants to keep more of it.
After stints at PayPal, GTBank, a tier-one Nigerian bank, and South Africa’s Standard Bank, Agboola was frustrated by how difficult it was for businesses to move money across African markets.
In 2017, Flutterwave began as a small company with around 50 employees, who recognized the significance of Uber’s trust in their payment infrastructure for African markets. Co-founders Olugbenga “GB” Agboola and Iyin Aboyeji recognized the inefficiencies of cross-border payments in Africa, where merchants faced challenges such as SWIFT transfers and lengthy confirmation times.
To address this, Flutterwave was founded, aiming to create a seamless payment platform that connected merchants to banks, card networks, and other providers through a single API, streamlining the process of collecting and disbursing funds. A decade later, Flutterwave has processed over $50 billion in transactions, serves more than two million businesses, and has extended its offerings beyond payment processing into remittances, consumer payments, and banking.
While co-founder Aboyeji has left the company, Flutterwave is now focusing on a comprehensive financial-infrastructure strategy with aspirations for profitability and a potential public listing.
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