Flutterwave is a leading digital payment platform in Africa

On Monday, July 12, 2021, Flutterwave CEO Olugbenga Agboola rang the New York Stock Exchange (NYSE) closing bell to mark the company’s listing on the exchange. Flutterwave is a leading digital payment platform in Africa that provides payment solutions for individuals and businesses across the continent.

Agboola was joined by his co-founders, Iyinoluwa Aboyeji and Ife Orioke, as well as other executives from the company. The ceremony marked a major milestone for Flutterwave, which recently raised $170 million in a Series C funding round, valuing the company at over $1 billion.

Speaking at the event, Agboola thanked the NYSE for the opportunity to ring the closing bell and highlighted the importance of Flutterwave’s mission to build a world-class payment infrastructure in Africa. He also expressed his gratitude to Flutterwave’s employees, customers, and investors for their support.

Flutterwave was founded in 2016 and has quickly become one of the most prominent fintech companies in Africa. The company provides a range of payment solutions, including online payments, point-of-sale payments, and mobile money transfers. It has partnered with several major banks and payment platforms in Africa to provide seamless payment integration for its customers.

Flutterwave’s success has been driven by the increasing demand for digital payment solutions in Africa, as more and more people across the continent adopt mobile technology. According to a report by the GSM Association, there were over 456 million unique mobile subscribers in sub-Saharan Africa at the end of 2020, making the region the fastest-growing mobile market in the world.

Despite this growth, however, Africa still lags behind other regions in terms of digital payment adoption. According to the World Bank, only 43% of adults in sub-Saharan Africa had a bank account in 2017, compared to a global average of 69%.

Flutterwave is working to address this gap by providing affordable and accessible payment solutions to businesses and individuals across the continent. The company has processed over 140 million transactions worth over $9 billion since its inception, and its platform is used by businesses in over 40 African countries.

The company’s recent funding round, which was led by New York-based private investment firm Avenir Growth Capital, will help Flutterwave to further expand its operations and develop new products and services. The company plans to use the funds to hire new talent, build out its infrastructure, and expand its presence in new markets.

Flutterwave’s listing on the NYSE is also a significant milestone for African fintech more broadly. It is one of the first African fintech companies to be listed on a major US stock exchange, and it highlights the growing interest in the sector from investors around the world.

Overall, Flutterwave’s success is a testament to the potential of African fintech to drive economic growth and financial inclusion on the continent. As mobile technology continues to spread and more people gain access to digital payments, companies like Flutterwave are well-positioned to capitalize on this trend and build a more inclusive and prosperous Africa.

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