Flutterwave

Request correction

Corporate brand

Unclaimed

Nigerian fintech company providing payment infrastructure for merchants, businesses, and payment service providers.

Last updated October 14, 2026

AI crawler reads

No AI crawler has read this profile yet.

Overview

Flutterwave is a Nigerian-founded financial technology company that provides payment infrastructure for merchants, businesses, banks, and payment service providers. Its platform is designed to help companies accept and make payments across cards, bank accounts, mobile channels, and other local payment methods, particularly in African markets where payment systems are fragmented across countries and regulatory jurisdictions. The company also provides tools for online commerce, payment links, invoicing, business collections, money transfers, and related financial services. Flutterwave was founded in 2016 by Iyinoluwa Aboyeji and Olugbenga Agboola. It emerged during a period when African technology companies were seeking to solve the practical difficulties involved in collecting payments across multiple countries, currencies, banking systems, and card networks. Rather than operating only as a consumer wallet, Flutterwave positioned itself primarily as infrastructure for businesses and payment providers. Its technology connects merchants to available payment methods and supports the processing and settlement of transactions in markets where cross-border commerce can be operationally difficult. The company expanded from Nigeria into other African markets and developed relationships with global financial and technology companies. Investors and strategic partners mentioned in public materials include Y Combinator, Visa Ventures, Mastercard, Avenir Growth Capital, Tiger Global Management, and Salesforce Ventures. In 2021, Flutterwave raised a reported US$170 million Series C round, reaching a valuation above US$1 billion and becoming one of Africa's technology unicorns. In 2022, it announced a further US$250 million Series D round at a valuation above US$3 billion. These financings increased the company's ability to expand its payment network and develop consumer-facing and merchant services. Flutterwave broadened its proposition during the COVID-19 pandemic by launching a digital store that enabled small and medium-sized businesses to display products online. The initiative, associated with the "Keeping the Lights On" campaign, allowed more than 20,000 businesses to enroll without charge according to the company's public account. In late 2021, it also launched Send App, an African-focused remittance service intended to facilitate transfers between people in Africa and members of the African diaspora. The company appointed Nigerian musician Wizkid as a global ambassador for the service. Regulatory authorization has been an important part of Flutterwave's development. In 2022, the Central Bank of Nigeria reportedly granted the company a switching and processing license, allowing it to process transactions between banks and cards more directly and to participate in additional parts of the Nigerian payments ecosystem. Flutterwave has also continued seeking licenses in other African markets. In 2024, it announced a Ghanaian license, describing Ghana as its 34th African licensed market. Flutterwave has pursued visibility through sports, entertainment, business, and public-sector initiatives. It partnered with AfroSport Network to support free-to-air coverage of the 2021 Africa Cup of Nations in early 2022. In 2024, chief executive Olugbenga Agboola became vice chair of the U.S. Chamber of Commerce's US-Africa Business Center board, while the company joined the Milken Institute's Africa Leaders Business Council. Flutterwave also announced work with Nigeria's Economic and Financial Crimes Commission to establish a cybercrime research center. The company has faced regulatory and reputational challenges. In Kenya, authorities temporarily froze accounts associated with Flutterwave in 2022 while alleging links to money laundering and credit-card fraud; Flutterwave denied wrongdoing. The case was withdrawn in 2023, and court proceedings resulted in the release of frozen funds. The episode highlighted the importance of licensing and regulatory coordination for cross-border payment companies. Flutterwave has also faced reports and litigation involving workplace culture, employee stock rights, and alleged harassment, as well as reports concerning disputed or fraudulent transactions. The company has denied or contested aspects of these allegations and said it took action against personnel where appropriate. Flutterwave remains a private, active fintech company. In 2024, it announced plans for a possible initial public offering, although no completed listing or ticker is established in the supplied reference material. Its business remains focused on payment infrastructure, merchant tools, remittances, and expansion across African and international corridors.

History

Flutterwave was established in 2016 by Iyinoluwa Aboyeji and Olugbenga Agboola as an African payments technology company. Its central business problem was the difficulty of accepting, routing, and settling payments across African countries with different currencies, banking systems, card markets, and regulatory requirements. The company developed infrastructure intended to connect merchants and payment providers with local and international payment methods, rather than relying on a single consumer payment product. The company initially focused on enabling digital businesses and merchants to receive payments. It subsequently expanded its network across Nigeria and other African markets, while also supporting international merchants seeking access to African consumers. Its investors and strategic supporters have included Y Combinator, Visa Ventures, Mastercard, Avenir Growth Capital, Tiger Global Management, and Salesforce Ventures. A US$170 million Series C financing round in 2021 reportedly gave Flutterwave a valuation above US$1 billion, making it an African technology unicorn. A US$250 million Series D round announced in 2022 reportedly valued the company above US$3 billion. Flutterwave diversified its services during the COVID-19 pandemic. As lockdowns disrupted small businesses, it introduced a digital storefront that allowed merchants to present their products online. The initiative was associated with the "Keeping the Lights On" campaign and reportedly attracted more than 20,000 businesses at no charge. In December 2021, Flutterwave launched Send App, a remittance service for African corridors and diaspora users. The product was promoted with Nigerian musician Wizkid as global ambassador. The company also used partnerships to extend its public profile and ecosystem role. In early 2022, it partnered with AfroSport Network in connection with free-to-air broadcasting of the 2021 Africa Cup of Nations. In Nigeria, the company received a switching and processing license reported in 2022 by Bloomberg. Such authorization allowed it to handle transactions between banks and cards with fewer intermediaries and to participate in additional payment activities, including transfers among banks and fintech companies and certain agency-banking services. Flutterwave's expansion has required continuing regulatory engagement. In Kenya, the Central Bank of Kenya stated in 2022 that Flutterwave was not licensed to operate there at that time, while the Assets Recovery Agency pursued a case involving funds held in accounts associated with the company. The agency alleged money laundering and credit-card fraud, which Flutterwave denied. The case was withdrawn in February 2023, and the Kenyan court released frozen funds. Flutterwave said it had submitted licensing applications in Kenya as early as 2019, but approval remained pending amid changes to the regulatory framework. The company has also experienced reputational pressure from reports about workplace conduct, employee equity rights, and alleged bullying or harassment. It stated that it had acted against individuals responsible for harassment. In 2023, reports also circulated about an alleged hack or unauthorized transactions. Flutterwave denied that customers had lost funds, while later reporting described disputed losses and frozen accounts. A subsequent report discussed alleged fraud involving approximately US$24 million and efforts to recover money through court proceedings; the supplied material does not establish a final adjudication of all related claims. In 2024, Flutterwave announced a possible IPO and continued to build institutional and regulatory relationships. Agboola was named vice chair of the U.S. Chamber of Commerce's US-Africa Business Center board. Flutterwave partnered with Nigeria's Economic and Financial Crimes Commission on a proposed cybercrime research center and joined the Milken Institute's Africa Leaders Business Council. It also announced a license in Ghana, which it described as its 34th licensed African country. The company has received industry recognition, including a 2024 African Banker Awards fintech award and appearances on Fast Company and CNBC technology lists. Flutterwave remains a private, active payment infrastructure company with operations spanning Nigeria, North America, and numerous African markets.

2024
Ghana license announced
[1]Flutterwaveen.wikipedia.org
Flutterwave announces a Ghanaian license and reports that it is licensed in 34 African countries.
2022
Series D financing announced
[1]Flutterwaveen.wikipedia.org
The company announces a reported US$250 million Series D round at a valuation above US$3 billion.
2022
Nigeria switching license reported
[1]Flutterwaveen.wikipedia.org
Flutterwave receives a Nigerian switching and processing authorization that expands its role in payment routing and settlement.
2021
Series C financing creates a fintech unicorn
[1]Flutterwaveen.wikipedia.org
Flutterwave raises a reported US$170 million Series C round and reaches a valuation above US$1 billion.
2021
Send App launches
[1]Flutterwaveen.wikipedia.org
Flutterwave introduces a remittance service aimed at African users and diaspora corridors.
2016
Flutterwave is founded
[1]Flutterwaveen.wikipedia.org
Iyinoluwa Aboyeji and Olugbenga Agboola establish Flutterwave as an African payments technology company.

Products and positioning

Pan-African payment infrastructure provider connecting global merchants and payment service providers to local African payment methods and financial networks.

Payment processing · 2016
Flutterwave payment infrastructure
Flutterwave's core platform enables merchants and payment service providers to accept payments through cards, bank channels, and other local methods. It is designed for domestic and cross-border commerce and helps businesses manage collections and payment flows across fragmented African financial systems.
Remittances · 2021
Send App
Send App is an African-focused remittance service launched in 2021. It facilitates transfers involving African users and members of the African diaspora, with availability and regulatory coverage varying by market.
Digital commerce
Flutterwave Store
Flutterwave Store was created during the COVID-19 pandemic to help small and medium-sized businesses establish an online presence. Merchants could display products digitally and reach customers during periods when physical commerce was constrained.
Payment network services · 2022
Switching and processing services
Following its Nigerian switching and processing authorization, Flutterwave could participate more directly in transaction flows between banks, cards, fintechs, and other payment participants. The license expanded the company's infrastructure role beyond a conventional merchant gateway.

Controversies

2023
Alleged account compromise and transaction fraud
Reports alleged a hack or unauthorized transactions affecting accounts associated with Flutterwave. The company denied that customers had lost funds, while later reporting described disputed losses and a large-scale recovery effort.
Source
2022
Kenyan money-laundering and licensing allegations
Kenya's Assets Recovery Agency sought to freeze funds linked to Flutterwave while alleging money laundering and credit-card fraud. The company denied the allegations, and the case was later withdrawn.
Source
2022
Workplace harassment and employee-equity allegations
Flutterwave faced reports and lawsuits involving alleged harassment, bullying, and disputes over former employees' stock rights. The company said it had taken action against people responsible for harassment.
Source

2022Africa Cup of Nations broadcast partnership
Africa
Flutterwave partnered with AfroSport Network in connection with free-to-air coverage of the 2021 Africa Cup of Nations from January 9 to February 6, 2022.
Outcome. The partnership associated Flutterwave with a major continental sports event and broadened its consumer-facing brand exposure.
Source
2021Send App diaspora ambassador campaign
United States · Africa · African diaspora markets
To promote Send App, Flutterwave appointed Nigerian musician Wizkid as its global ambassador and emphasized remittance connections between Africa and the diaspora.
Outcome. The campaign supported the launch and international visibility of Send App.
Source
2020Keeping the Lights On
Nigeria · Other markets served by Flutterwave Store
Flutterwave created a free digital-store initiative to help small and medium-sized businesses affected by pandemic lockdowns display products and continue selling online. More than 20,000 businesses were reported to have enrolled.
Outcome. The initiative expanded Flutterwave's role from payment processing into emergency digital-commerce support for small businesses.
Source

Brand decisions

2024
Prepare for a possible public listingStrategy
Background
After rapid private-market expansion and large venture financings, Flutterwave announced plans for a possible IPO.
Action taken
The company publicly discussed IPO plans, without a completed listing identified in the supplied reference material.
Aftermath
Flutterwave remained a private company in the supplied information.
Source
2022
Expand direct participation in Nigeria's payments ecosystemStrategy
Background
A switching and processing authorization could reduce reliance on intermediaries and support more payment flows among banks, cards, fintechs, and agents.
Action taken
Flutterwave obtained the Nigerian switching and processing license reported in September 2022.
Aftermath
The authorization strengthened Flutterwave's position as payment infrastructure rather than only a merchant gateway.
Source
2021
Launch Send AppProduct launch
Background
Flutterwave sought to extend beyond business payment infrastructure into remittances serving African consumers and diaspora users.
Action taken
The company launched Send App and supported it with a global ambassador campaign featuring Wizkid.
Aftermath
Send App became part of Flutterwave's broader cross-border payments proposition.
Source

Recent events

Unconfirmed
Flutterwave acquires Mono to boost open banking in Africa[2]Flutterwave收购Mono以推动非洲开放银行thisdaylive.com
Flutterwave, a leading fintech company, has acquired Mono, an African open banking and account-based payments provider, to strengthen its payments infrastructure and accelerate open banking growth in Africa. Mono will retain operational independence, including its existing leadership team and day-to-day operations.
2026.01.05
Reported2026.01.05
Flutterwave acquires open banking firm Mono[3]Flutterwave收购开放银行公司Monotechmoran.com
Flutterwave, an African payments technology company, has acquired Mono, an open banking infrastructure provider, to strengthen bank-based and account-to-account payments across Africa. Mono will continue to operate independently, retaining its leadership, team and day-to-day operations. Financial terms were not disclosed.
2026.01.05
Reported2026.01.05
Flutterwave acquires Mono to advance open banking in Africa[4]Flutterwave收购Mono以推进非洲开放银行dailypost.ng
Flutterwave, an African payments technology company, acquired Mono, an open banking infrastructure provider. Mono will continue to operate independently with no changes to its leadership, team, or day-to-day operations, and Flutterwave's stake enables strategic alignment rather than operational control.
2022.02.24
Reported2022.02.24
Flutterwave announces new fintech services and card platform[5]Flutterwave宣布推出金融科技服务及发卡平台theafricareport.com
Flutterwave said it would introduce services including a Fintech as a Service solution and a card-issuing technology platform for businesses to issue virtual and physical debit and prepaid cards in partnership with Mastercard.
2022.02.17
Reported2022.02.17
Flutterwave raises $250 million in Series D funding[6]Flutterwave完成2.5亿美元D轮融资kachwanya.com
Flutterwave announced that it raised $250 million in Series D funding, valuing the company at more than $3 billion. B Capital Group led the round, with other new and existing investors participating.
2021.11.29
Reported2021.11.29
Arnergy partners with Flutterwave for diaspora payment scheme[7]Arnergy与Flutterwave合作推出侨民支付方案renewableenergymagazine.com
Arnergy partnered with Flutterwave to offer outright-purchase and lease-to-own options through its diaspora payment scheme.
2021.10.26
Reported2021.10.26
Flutterwave launches two Europe–Africa remittance corridors on Stellar[8]Flutterwave 在 Stellar 网络推出两条欧非汇款通道nairametrics.com
Flutterwave launched two new remittance corridors between Europe and Africa on the Stellar network.
2021.10.26
Reported2021.10.26
Flutterwave, Stellar and Tempo partner on Europe–Africa remittances[8]Flutterwave 在 Stellar 网络推出两条欧非汇款通道nairametrics.com
The Stellar Development Foundation announced a partnership with Flutterwave, which will use USDC on the Stellar network to simplify remittances between Europe and Africa. Flutterwave will work alongside Tempo Payments, Stellar’s principal EU payments partner.
2021.09.14
Reported2021.09.14
Websites.co.in partners with Flutterwave for African businesses[9]Websites.co.in 与 Flutterwave 合作服务非洲企业prnewswire.com
Websites.co.in partnered with Flutterwave to help small and medium-scale businesses in Africa build websites for free and integrate Flutterwave payment services for e-commerce.
2021.09.09
Flutterwave and MTN Group announce mobile money partnership[10]Flutterwave与MTN Group宣布移动货币合作financialit.net
Flutterwave announced a mobile money partnership with MTN Group that will allow businesses integrating Flutterwave in Cameroon, Côte d’Ivoire, Rwanda, Uganda, and Zambia to receive payments via MTN Mobile Money.

Sources20 sources

Cite this profile: Cite the canonical profile. /brand-wiki/flutterwave · Editorial policy · How profiles are compiled