Flutterwave launches operations in Rwanda
Globally in the technology and digital payment space, FlutterWave is synonymous with innovative online payment solutions. Flutterwave, a San Francisco-based payments technology company with operations mainly in Africa. In the month of January 2020, Flutterwave announced that it had secured and closed a 35 million dollar series B from a consortium of strategic investors. It was reported that the round was co-led by Greycroft and eVentures with additional participation from CRE Venture Capital, Green Visor, FIS and VISA.
Flutterwave connects the African Continent to the world by providing the easiest and most reliable payment solutions for businesses around the globe. Statistics reveal that Flutterwave has processed over 100 million transactions worth roughly 5.4 billion dollars for clients ranging from TransferWise, Uber, Booking.com, Jumia; to name a few.
The CEO and co-founder of Flutterwave Mr Olugbenga Agboola granted Dolapo Aina, an exclusive interview in Kigali, Rwanda.
Mr Gbenga Agboola, a brief background. What brings Flutterwave to Rwanda?
I am the CEO and co-founder of Flutterwave. Flutterwave helps companies and businesses accept payments from customers all over the world. We are in Rwanda because we are trying to expand across Africa and Rwanda is the next digital frontier that we think we should expand to in East Africa. Recently, we got our licence from the Bank of Rwanda to operate in the Rwandan market. So, we are here now to launch our products.
Why Rwanda? Why is Flutterwave in Rwanda and like you said, why is Rwanda the next big thing to happen?
So, Rwanda is part of our East African expansion drive. We have expanded to Kenya, Uganda and now Rwanda is naturally the next country to expand to. But more importantly, Rwanda is one of the easiest countries we have been able to penetrate because we were able to get our licence very easy, quickly and fast. The country has a welcoming government; they assisted Flutterwave in setting up here in Rwanda.
So, really, it is the next place to be to build premium solutions for companies and consumers in this market.
Why did you say getting your licence was easy? Easier than other countries Flutterwave have a presence?
Yes, it has been quite easy in a way. It is a very straightforward process. We followed the laid down procedures by the government and we got our licence. It was simple (we did not know anyone in Rwanda); we just applied and it got done.
For those who don’t know Flutterwave; what does Flutterwave do?
In a very simple way, Flutterwave helps any business accept payments from their customers; be it online or in store through a POS (point of sale) or if online through an online payment gateway.
How successful has Flutterwave been in other countries where it has a presence?
From inception till 2019, Flutterwave has processed more than five billion dollars of transaction value since Flutterwave was incorporated. We have the likes of Uber, TransferWise, Booking.com, Wakanow, Air Peace, Arik Airlines and others who are our clients. And who use Flutterwave to accept payments for clients, customers and consumers as the case may be.
Two clients you mentioned; TransferWise from Estonia and Uber globally?
Yes, TransferWise based in the United Kingdom from Estonia and Uber Africa.
What is the next big thing for Flutterwave?
The next big thing for Flutterwave to get more market share in every market we are operating in. We are not doing anything new or disrupting; we are just complementing existing premium providers in the market. We are just trying to make life simple for a small merchant. A merchant in Rwanda can decide to sell to someone in Nigeria and they get paid simply and easily. Someone in Nigeria can sell to someone in Nairobi, Kenya and get paid. We are breaking the barriers of geography through payments.