The “Flutterwave 3.0” was a virtual event where the most valued African payment startup unveiled a series of its new products and services including FinTech as a service for embedded finance, small and medium-sized business loans for its users, issuing of cards, and the addition of Apple Pay and Google Pay to its payment options.
Read more about FinTech
Two days ago, the FinTech startup confirmed a rebranding of its logo and dashboard. The startup had raised
$250 million in a Series D round that tripled the company’s value to over $3 billion. The company which was founded by Olugbenga Agboola facilitates cross-border payments transactions of small-to-large businesses in Africa via one application programming interface.
The new products Flutterwave unveiled today include:
This is a business lending marketplace to support Flutterwave’s business owners in growing their businesses. This solution is powered by Flutterwave in partnership with lending partners such as CashConnect Microfinance Bank, MoneyWise Microfinance Bank, Wema Bank, Zenith Bank, Stanbic IBTC Bank, and Sterling Bank. With Flutterwave Capital, Flutterwave businesses can easily access loans without collateral, enormous documentation, other strict red tapes, and conditions. Getting loans from Flutterwave Capital is fast, and eligible applicants can access the funds they need in less than 2 business days.
Every entrepreneur has a dream of what he wants his business to achieve. Flutterwave Capital not only wants to fund that dream but also helps the owner in achieving that dream. With the new loans, owners of these businesses can now be able to scale, increase stock, pay bills, advertise, and ultimately grow earnings. However, it is only Flutterwave businesses in Nigeria that can access loans but the company says it is working to make it available to those in South Africa, Kenya, and other markets where it operates.
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Issuance Of Virtual And Physical Cards
Virtual cards allow individuals to shop online. The virtual cards are available globally while the physical cards will be available only in Nigeria. With the platform, one can create virtual dollar/Naira cards, physical Naira cards, and Business Spend Management PlatformControl and manage employee expenses. You can also design your cards right from their Dashboard and the company will handle card production and shipping, and get them into your hands.
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FinTech As A Service Solution
This allows individuals to embed financial services into their products in minutes using an application programming interface. Through the app, it is easy for customers to hold funds in their wallets, pay bills, create virtual cards, and do so much more. The solution helps companies avoid the often strenuous work of building the infrastructure, integrating multiple disparate financial systems, licensing, and compliance required. Rather businesses can use the infrastructure that’s been built already without acquiring licenses because Flutterwave has done it so they don’t have to.
Having raised $170 million in a Series C round at a valuation of $1 billion in march 2021. The latest financing brings its total investments secured since launched in 2016 to $475 million (plus a $35 million Series B in 2020 and a $20 million Series A in 2018). With the funds at their disposal, it is valid to say that Flutterwave is well on its way to global domination not just in Africa. Hence, the new set of offerings and features is in line with Flutterwave’s ambitious product expansion drive.
Last year, the company launched Flutterwave Market for merchants to sell their goods via an online marketplace and, most recently, send a remittance service that empowers customers to seamlessly send money to recipients to and from Africa. Presently, Flutterwave is active across 34 countries in Africa and processes 200 million transactions worth more than $16 billion. Over 900,000 businesses use its solution globally to process payments in 150 currencies and across different payment modes: local and international cards, mobile wallets, bank transfers, and its consumer product barter.
Featured Image Source: Flutterwave
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