196:. 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. 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. Following this, in July, Flutterwave joined the prestigious Milken Institute’s Africa Leaders Business Council. In August, Flutterwave expanded its digital payment services with a license in Ghana, marking the 34th African country where it holds a license.
27:
205:
most innovative companies in the Europe, Middle East, and Asia category in the 2024 Fast
Company’s Most Innovative Companies list. In May 2024, Flutterwave was named to the 12th annual CNBC Disruptor 50 list, highlighting its rapid growth and successful funding rounds from prominent venture capital firms such as Tiger Global Management and Salesforce Ventures.
281:
seen by TechCabal included a petition by
Flutterwave's legal counsel to the police, dated February 20, 2023. On February 8, 2024, TechCabal further published an exclusive report into how Flutterwave has been defrauded up to the tune of $ 24m through a court order secured to obtain return of such funds from over 6,000 Nigerian bank customers.
204:
Flutterwave has been recognized as one of the most innovative fintech companies globally, receiving numerous awards and accolades for its contributions to digital payment solutions, including ‘Fintech of the Year’ at the
African Banker Awards in 2024. In March 2024, Flutterwave was named one of the
280:
On March 3, 2023, a
Twitter user tweeted about a hack at Flutterwave. Two days later, on March 5, Flutterwave denied the report of a hack, stating that customers did not lose any funds. However, several sources told TechCabal that they lost funds and their accounts were frozen. The court documents
255:, following allegations by Kenya's Assets Recovery Agency (ARA) that the funds were linked to money laundering and credit card fraud. The Central Bank of Kenya (CBK) also disclosed that Flutterwave was not licensed to operate in the country. Flutterwave denied accusations of financial misconduct.
237:
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. This includes processing funds
262:
In response to the licensing issue, Flutterwave disclosed that it submitted applications for licensing to the CBK as early as 2019, but these were still pending approval. Recent developments indicate that the CBK is revising its regulatory framework, which could soon allow
Flutterwave and other
220:
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. Over 20,000 businesses enrolled on the store for free through a campaign called "keeping the lights on".
271:
Flutterwave has been subject to multiple lawsuits and allegations for denying former employees stock rights as well as having a culture of bullying and harassment. In response, the company stated it has taken action against individuals within the company responsible for harassment.
258:
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.
595:
182:
as its global ambassador to further push the company's brand among the
Africans in the diaspora. Send App is now available in 29 states in the U.S. and is expected to expand to all 50 states.
386:
1166:
1330:
155:
funding round. 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, making Flutterwave a
577:
361:
716:
596:"Flutterwave Secures 13 New Money Transmission Licenses in the U.S. and Services 29 States with its Send App Remittance Solution for Consumers and Enterprises"
1141:
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In
December 2021, Flutterwave launched Send App, an African-focused remittances service that facilitates instant money transfers, and appointed
907:
439:
1340:
559:
415:
1260:
321:
805:
616:
467:"Nigerian startup Flutterwave secures $ 170 million in capital injections from investors, now valued at over $ 1 billion"
1241:
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104:
company that provides a payment infrastructure for global merchants and payment service providers across the continent.
1116:
1070:
830:
781:
1242:"Hackers steal ₦2.9 billion from Flutterwave accounts, motion granted to freeze accounts connected with stolen funds"
387:"Flutterwave Expands Remittance Capabilities in the US, Canada, Egypt and Rebrands $ end to Send App by Flutterwave"
762:
208:
CNBC and Statista included Flutterwave in the top 250 fintech companies in the world for the first time in 2024.
763:"Flutterwave Is one of Fast Company's Most Innovative Companies in Europe, the Middle East, and Africa for 2024"
1217:
175:. Flutterwave raised a US$ 250 million Series D funding round at over US$ 3 billion valuation in 2022 as well.
1285:
238:
transfers between banks and fintechs, as well as participating in agency banking and other payment services.
1167:"We submitted application for licence to operate in Kenya since 2019, Flutterwave reacts to CBK allegation"
1092:"Flutterwave cleared in Kenya as anti-money laundering agency drops its final lawsuit against the fintech"
641:
345:
520:
857:
316:
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782:"These are the 2024 CNBC Disruptor 50 companies: See the full list of startups riding the AI wave"
251:
In July 2022, a Kenyan High Court froze accounts held by Flutterwave containing over 6.2 billion
234:
193:
192:
In 2024, Flutterwave announce several developments. In April, the company announced plans for an
172:
957:
578:"Flutterwave Appoints Oluwabankole Falade as Chief Regulatory and Government Relations Officer"
37:
186:
1286:"Flutterwave gets court order to recover $ 24 million lost to unauthorized POS transactions"
362:"Nigerian payments startup Flutterwave achieves "unicorn" status after $ 170m funding round"
101:
47:
8:
983:"Flutterwave denies money laundering allegation as Kenyan court freezes bank accounts"
156:
117:
113:
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831:"How Flutterwave is helping SMEs in Africa 'keep the lights on' during the pandemic"
185:
In January 2022, Flutterwave partnered with AfroSport Network to broadcast the 2021
311:
692:"Flutterwave Partners EFCC to Establish Consortium Led Cybercrime Research Center"
252:
717:"Milken Institute Scales Up Engagement with Africa Through New Business Council"
667:
493:
1048:
230:
1218:"Kenya to issue payment licences: Flutterwave, Chipper could be first in line"
738:"Flutterwave Recognized as 'Fintech of the Year' at The African Banker Awards"
1324:
933:"Flutterwave secures payment license and plans IPO amidst regulatory hurdles"
440:"African payments company Flutterwave raises $ 170M, now valued at over $ 1B"
121:
668:"Flutterwave founder named vice chair of US-Africa Business Center's board"
160:
145:
291:
416:"Flutterwave Expands Digital Payment Services in Ghana with New License"
263:
fintech companies to obtain the necessary licenses to operate in Kenya.
806:"Flutterwave Named Among World's Top 250 Fintechs by CNBC and Statista"
301:
168:
125:
1261:"Hundreds of accounts frozen in relation to alleged Flutterwave hack"
1010:"Flutterwave's accounts frozen in Kenya over money laundering claims"
164:
560:"Flutterwave Picks Wizkid as Global Brand Ambassador, Launches Send"
987:
498:
296:
246:
217:
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1044:"Africa's $ 3 Billion Startup Battles Allegations as It Plans IPO"
521:"Flutterwave secures $ 250m Series D with valuation at over $ 3bn"
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883:"Flutterwave Obtains Key License in Nigeria Ahead of Planned IPO"
129:
545:
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1142:"Flutterwave Says It's Awaiting Kenya License After Bank Snub"
141:
133:
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617:"Flutterwave Sponsors AFCON 2021 Broadcast On Afrosport TV"
86:
908:"CBN Grants Flutterwave Switching and Processing Licence"
835:
471:
71:
1192:"Nigeria's Flutterwave faces Kenya fraud allegations"
189:
free-to-air from 9 January 2022 to 6 February 2022.
1331:Financial services companies established in 2016
1322:
1117:"Kenyan court releases frozen Flutterwave funds"
1071:"Kenyan court releases frozen Flutterwave funds"
247:Kenya licensing and Money Laundering Allegations
1037:
1035:
1033:
1031:
955:
779:
642:"Flutterwave Prepares for African Fintech IPO"
151:In 2021, Flutterwave raised a US$ 170 million
120:, and Adeleke Adekoya and is headquartered in
128:with current operations in the U.S., Canada,
665:
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1336:Financial technology companies of Nigeria
598:(Press release). Flutterwave. PR Newswire
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1341:Privately held companies of Nigeria
159:. Investors in Flutterwave include
148:, and 29 other African countries.
112:The company was founded in 2016 by
13:
1042:Prinsloo, Loni (August 11, 2022).
465:Princewill, Nimi (11 March 2021).
14:
1352:
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1284:Oladunmade, Muktar (2024-02-08).
1259:Oladunmade, Muktar (2023-03-10).
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858:"Flutterwave Powering retailers"
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981:Azeez, Wasilat (July 7, 2022).
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1216:Ndege, Adonijah (2024-06-10).
956:CNBC.com staff (25 May 2021).
719:. Milken Institute. 2024-07-23
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414:Duruson, Sylvia (2024-08-05).
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360:Jackson, Tom (10 March 2021).
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171:, Avenir Growth Capital, and
1:
931:Quadri, Sultan (2022-09-01).
780:CNBC.com Staff (2024-05-14).
494:"Dealroom: About Flutterwave"
333:
266:
7:
666:Staff Writer (2024-04-26).
284:
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546:"Flutterwave Send Website"
107:
646:Fintech Industry Examiner
317:E-commerce payment system
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61:
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327:Payment service provider
275:
16:American fintech company
742:FINTECH MAGAZINE AFRICA
235:Central Bank of Nigeria
200:Awards and recognitions
194:Initial public offering
173:Tiger Global Management
229:On September 1, 2022,
187:Africa Cup of Nations
696:The Flutterwave Blog
391:The Flutterwave Blog
566:. 18 December 2021.
216:At the peak of the
21:
1171:Vanguard Newspaper
1123:. 28 February 2023
233:reported that the
19:
1098:. 9 November 2023
958:"21. Flutterwave"
564:investorsking.com
225:Switching license
118:Olugbenga Agboola
114:Iyinoluwa Aboyeji
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76:Iyinoluwa Aboyeji
68:Olugbenga Agboola
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20:Flutterwave Inc
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1198:. 2022-07-25
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864:. 2020-05-28
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839:. 2021-04-26
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812:. 2024-07-18
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767:Fast Company
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744:. 2024-06-01
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672:ITWeb Africa
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648:. 2024-04-24
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623:. 2022-01-06
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161:Y-Combinator
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111:
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34:Company type
1055:3 September
1020:3 September
994:3 September
444:Tech Crunch
292:Interswitch
242:Controversy
98:Flutterwave
87:flutterwave
1325:Categories
1295:2024-02-12
1270:2023-03-10
1227:2024-09-03
1202:2022-08-16
1177:2022-08-12
1152:2022-08-12
1127:2024-09-03
1102:2024-09-03
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967:2022-12-09
942:2022-10-09
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893:2022-09-01
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843:2022-09-09
816:2024-08-27
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723:2024-08-27
702:2024-08-27
677:2024-08-27
652:2024-04-24
627:2022-02-04
602:2024-08-27
531:2022-02-21
425:2024-08-27
397:2024-08-27
334:References
302:Pay4Me App
267:Harassment
169:Mastercard
126:California
63:Key people
1290:TechCabal
1265:TechCabal
1222:TechCabal
1146:Bloomberg
1049:Bloomberg
937:TechCabal
887:Bloomberg
582:TechMoran
525:TechCabal
231:Bloomberg
988:TheCable
505:13 March
499:Dealroom
478:13 March
450:13 March
371:13 March
297:Paystack
285:See also
218:COVID-19
153:Series C
44:Industry
1014:Reuters
157:unicorn
130:Nigeria
108:History
102:fintech
82:Website
54:Founded
48:FinTech
38:Private
307:PayPal
180:Wizkid
138:Uganda
276:Fraud
142:Ghana
134:Kenya
1057:2022
1022:2022
996:2022
962:CNBC
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