Flutterwave is a payment technology company targeted at serving banks and businesses giving them seamless and secure payment experiences for their customers; such as mobile money and automated clearing house (ACH) across Africa. The service makes it possible for global merchants to process payments like a local African company and for consumers to pay for things in their local currency. Flutterwave integrated banks and payment service providers into its platform, aggregating payment services from over 68 gateways including mobile money and placed them under one platform. The service is currently active and can receive and send money in over 30 African countries, so businesses don't have to take up the expenses. Simply put, Flutterwave is a payment processor for African payment.

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FLUTTERWAVE: BRIEF HISTORY

Flutterwave was founded by Iyinoluwa Aboyeji, co-founder Olugbenga Agboola, with a team banking veterans, entrepreneurs and engineers and Engineers from Standard Bank, Google Wallet, Andela, and PayPal, amongst others in 2016.

Iyinoluwa Aboyeji started Flutterwave after discovering that the payment challenges in Africa contribute to the fledgling e-commerce market, while he was still involved with his previous company Andela, which focuses on recruiting and training African developers. Aboyeji experienced challenges with sending money into Africa and had to process payment every one to three months in order to avoid incurring too many fees. It also took at least a week to transfer money to local bank accounts. He believed that solving the payment challenges for merchant partners across the continent could unlock billions of dollars.

In 2018, co-founder Olugbenga Agboola replaced Iyinoluwa Aboyeji as Flutterwave's CEO

FLUTTERWAVE PRODUCTS

Flutterwave provided two products for seamless transactions which are :

RAVE ( Flutterwave for Business)

BARTER ( Flutterwave for Consumers)

RAVE

Rave is a payment solution that enables businesses to easily accept payment from customers globally form credit cards, bank accounts, and USSD. The service API(application program interface) has been integrated into business applications including online websites and platforms achieving zero failed transactions. The product provides reliable tools for simple payment link or to manage payouts for hundreds of people. Rave gives unimaginable awareness on who your customers are so, business owners can understand their transaction habits when using your product. The service provides fraud protection ensuring your business is protected while every transaction is being checked against fraud. Rave also provides multi-tenancy support enabling customers to use Rave subdomain features at absolutely no cost. Rave is not only for large corporate merchants but also for solo entrepreneurs.

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BARTER

GetBarter is a lifestyle payments service that offers you an easier, cheaper, faster and seamless way to send, receive, request money, pay merchants and bills all from the convenience of your mobile device. It provides services such as merchant payment to over 20,000 merchants globally with instant discounts when you pay certain merchants e.g Uber, Increased reach for cheaper real-time transfers from Barter to any bank account globally, free barter to barter transfers for all barter users globally and ability to send money to WhatsApp numbers. The product also provides a feature that helps you locate friends near you and send the money. With Barter, you can add your bank account to your app dashboard and manage funds in your local currency. Get detailed reports that show your spending patterns and insights, and if you need a boost to get you to the next step, you can apply for easily repayable short-term loans, right in the app.

PROS OF FLUTTERWAVE PRODUCTS

CANDID ACCOUNTING

Flutterwave built trustworthy products that help merchants and customers manage multiple businesses, different avenues and payout to several individuals from a simple dashboard this, in turn, enhances transparent accounting.

FRAUD PROTECTION

Flutterwave's proprietary fraud system employs tools to ensure that merchants are protected from fraud. These tools range from 200 fraud rules built over time to actual humans watching transactions.

SECURE AND RELIABLE TRANSACTION PROCESSING

Flutterwave provides payment gateways that offer you secure transaction processing due to being licensed by the biggest card networks like Visa and Mastercard. Flutterwave is also PCI-DSS Level 1 Certified.

CONVENIENT FOR CUSTOMERS GLOBALLY

Flutterwave payment gateways enable customers anywhere in the world to be able to pay merchants located outside their country, that in turn grows international transactions. Customer in Uganda can conveniently pay a merchant in Nigeria or the U.S or anywhere else.

EASY REPORT GENERATION AND ACCOUNT RECONCILIATION PROCESS

All kinds of reports are easily generated in the dashboard of Flutterwave's payment gateway and this helps with monitoring the growth of the business.

MULTIPLE PAYMENT METHODS & MULTIPLE CURRENCY PAYMENTS

Flutterwave's payment gateways ensure that you don't miss out on revenue by accepting payment methods convenient for the customer.

FLUTTERWAVE ACHIEVEMENTS

In 2017, Flutterwave raised $10 million in a Series A round of funding. Green Visor and Greycroft Partners were Key Investors

In 2018 it concluded an extension of its Series A funding round, with participation from global payments company MasterCard, CRE Ventures, Fintech Collective, 4DX Ventures, and Raba Capital, among others, and raised a total of $20 million. As part of the deal, Green Visor Capital Chairman and General Partner and former CEO of Visa, Joseph Saunders, joined the Flutterwave Board of Directors. Through its investments, Flutterwave has also been able to raise over $20 million in investments.

In 2018, Flutterwave received the ‘Best Payments Company’ award at the Ghana eCommerce Awards ceremony.

Flutterwave saw a 550% growth in the customer base of Flutterwave for Business (Rave) made possible by partnerships with our existing customers. They also retained our key partnerships within the financial industry, enterprise customers like Uber, Arik air e.t.c

Flutterwave got licensed in the United Kingdom & Zambia for payment processing & electronic remittances.

Flutterwave spruced up two products (Rave and Barter)towards friendlier user experiences for their customers.