Flutterwave

The Challenge

Before 2016, moving money across Africa wasn't just expensive—it was a logistical nightmare. Despite being the second-largest continent, Africa's payment landscape was deeply fragmented. A merchant in Lagos couldn't easily accept payments from a customer in Nairobi because banks lacked cohesive technology. Different nations relied on distinct, incompatible payment systems, forcing transactions to route absurdly through Europe or North America just to move next door. For African entrepreneurs, the barrier to scale wasn't product or talent; it was the simple inability to get paid.

The Vision

Iyinoluwa Aboyeji, Olugbenga Agboola, and a team of engineers realized that trying to force every country onto one payment method was a losing battle. The solution wasn't to replace local behaviors but to bridge them. They saw that the market needed a digital translation layer—a single infrastructure that could speak "Mobile Money" in Kenya, "Bank Transfer" in Nigeria, and "Credit Card" in South Africa simultaneously.

The team built a robust JavaScript API serving as a universal adapter for African commerce. They didn't just build software; they navigated the regulatory minefields of over 30 African nations. By forging difficult partnerships with local banks and integrating with global giants like PayPal, they created a single endpoint that allows merchants to accept payments in over 150 currencies. They also developed the Flutterwave Store and the Barter app, giving solopreneurs and individuals the same power as enterprise giants like Uber.

The Impact

Today, Flutterwave has processed hundreds of millions of transactions for over 300,000 businesses. In 2021 alone, they facilitated $9 billion in transactions, earning "unicorn" status with a valuation over $3 billion. But the real metric of success isn't the valuation; it's that a freelancer in Accra can now seamlessly accept payment from a client in New York without ever thinking about the infrastructure that makes it possible.

Flutterwave was founded in 2016 by Iyinoluwa Aboyeji, Olugbenga Agboola, and Adeleke Adekoya. The company operates as a provider of payment processing solutions for businesses, offering payment gateway API, mobile payment, credit and debit card processing, payment links, issuing physical and virtual cards, invoice management, and more. Flutterwave's core product is its payments API, which provides solutions that help businesses accept payments from their paying customers and send money to others through supported payment methods which include card payments, direct debit, bank transfers, and mobile money. The company serves enterprises, small businesses, and individuals conducting online and offline transactions. Customers include Uber, Netflix, Microsoft, and other global brands. Flutterwave has been recognized as one of the most innovative fintech companies globally, including being named 'Fintech of the Year' at the African Banker Awards in 2024 and appearing on CNBC's Disruptor 50 list.