Flutterwave’s CEO formulates a triumphant ensemble of the digital payment infrastructure in Africa

Olugbenga Agboola creates a secure and robust payment service platform for global businesses

Flutterwaves's CEO formulates a triumphant ensemble of the digital payment infrastructure in Africa - Olugbenga Agboola - The man behind the first fintech unicorn in Africa

Flutterwaves's CEO formulates a triumphant ensemble of the digital payment infrastructure in Africa - Olugbenga Agboola - The man behind the first fintech unicorn in Africa

With immense knowledge in the Fintech industry and leadership, Agboola started the journey into the booming sector. He brought technology in mobile banking to Africa, where there has been a shortage in the banking system. He believes that the startup community in Africa is still developing and that the Fintech industry’s success needs focus and conviction.

During the difficult time as the pandemic shut the brick and mortar businesses and companies started learning the new digital platforms to survive, Agboola leveraged the momentum of the tech startup based in San Francisco and Lagos, Nigeria. The company helps customers safely complete online banking transactions. The company has drastically made a difference for many small businesses by expanding from digital cash registers to hosting digital storefronts. It helped around 20,000 firms during the lockdown. 

Agboola says, “We called it ‘Keeping the Lights On.'”

Last year the company made some unbelievable achievements by processing over 80 million transactions worth $7.5 billion.

Born in Lagos, Olugbenga Agboola is an entrepreneur, and he is the CEO and co-founder of Africa’s first-of-its-kind FinTech Company, FlutterWave.  

His educational background entails:

Agboola’s career:

His achievements:

https://www.facebook.com/theFlutterwave/photos/pcb.2748502698738329/2748502648738334/

About the company Flutterwave:

The company is people-driven; the company believes in hiring people with the potential to grow alongside Flutterwave and who can adapt to the company’s values.

The company is people-driven; the company believes in hiring people with the potential to grow alongside Flutterwave and who can adapt to the company’s values

Flutterwave is a seamless online payment infrastructure helping businesses and banks to overcome challenges and process transactions efficiently. A veteran banking group from Google Wallet, Standard Bank, PayPal. and Andela conceptualized and founded the company. Agboola started as a CTO of the company and became the company’s CEO in 2018.

https://www.youtube.com/watch?v=Rv3c2UJgyC8 

The company was founded in 2016, presently has 323 employees. It has closed 13 rounds in funding that helped the company raise $234.7 m. the latest funding round was on the 9th of March 2021, leading to $17.m from the Series C round. The company has a total of 40 investors. The present valuation of the company is over $1 billion.

Partnerships:

The company’s distinguished partners with a similar vision contribute to the growth and betterment of the merchants and users in Africa. The recent partnership was with Amole to offer digital payment services platform for the users in Ethiopia. As per the Global payments report, the e-commerce sector is estimated to reach $31 billion in Nigeria and $9 billion in South Africa by 2024. Therefore, the company partnered with Wordplay, the payment processing platform that helps any Worldpay merchant in Europe or the U.S. accept African payments. Agboola said, “If someone goes to pay Netflix with an African card, it just works.” 

The company joined hands with Forter to drive eCommerce across Africa and Beyond. Other partners include Paypal, Uber, Alipay, African Focused Cryptocurrency Startup, Quidax, and Flywire.

https://www.youtube.com/watch?v=glQvpBlcWOA

The market share of the company is 0.18% in payment processing. In the same category, it competes with 176 competitor tools. 

The company has a majority of its customers from Nigeria, with 157 customers, which accounts for 43.49%. Other countries using Flutterwave are the United States and Ghana, with 80(22.16%) 28(7.76%) customers. Overall in 2021, more than 483 companies have started using Flutterwave as a payment-processing tool.

Uplifting the society:

The company has put in efforts to foster equality with the –#ChooseToChallenge? It helps five women leaders get the best help needed to continue the businesses – “Funds.” The company has made it an annual event – the “annual Flutterwave International Women’s Day grant” to nurture the dreams of women entrepreneurs with the highly needed capital. Yearly the grant helps five women-led businesses across Africa.

https://www.youtube.com/watch?v=VmoSlPfAylg

 The benefits are:

The target regions for businesses are:

A recent announcement of the Basketball Africa League (BAL) and Flutterwave multiyear partnership informed that the payments company is an associate partner of the BAL. The association will drive the shared vision of economic growth across the continent. The company will launch a digital campaign that gives selected African entrepreneurs and small businesses opportunities to travel, connect, and engage with other African markets.

Flutterwave Chief Commercial Officer Ifeoluwa Orioke said, “As a lifelong basketball fan, I am excited that we can team up with the BAL as it tips off its inaugural season.

The company’s growth and infrastructure that reached 290,000 businesses in more than 33 African countries with exceptional revenue growth of 226% CAGR from 2018-2020 shows an impressive performance. The company looks forward to deepening the impact for sustainable long-term development.

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