Flutterwave Joins OpenAI, Stripe, Secures Top Chart on CBNC’s 50 Disruptor List

Cadana Joins Forces With Flutterwave, Begins To Expand Operations In Nigeria

The prestigious 12th annual Consumer News and Business Channel (CNBC) Disruptor 50 list, shows that Flutterwave, Africa’s highest-valued startup, has secured a spot on it.

Flutterwave formerly ranked 21st in 2021 on the CNBC Disruptor 50 list, up to 14th. The Lagos-based firm was founded in 2016 and has secured $475 million in funding. It processes payments in over 30 currencies across 40 countries and has expanded into India. Ranked 21st position in 2021, but now joins the ranks of OpenAI, Stripe, and Monzo, securing top 15 this year.

Africa has the world’s fastest-growing population, and because there isn’t much conventional infrastructure there, younger people are depending more and more on technology for everything from banking to entertainment and travel. Flutterwave is one of the firms that are utilizing technology to bridge the gaps.

The founder of this Wave-making company since 2016, is CEO Olugbenga “GB” Agboola and its headquarters is situated in Lagos, Nigeria. The $475 million was secured in funding from firms such as Tiger Global Management and Salesforce Ventures and is currently valued at $3.2 billion.

Also read: Africa Fintech Summit For World Bank/IMF Spring Meetings

Fintech valuations have declined, but Flutterwave is apparently proceeding with its plans for an initial public offering (IPO). The business has hinted that it may sell its stakes in Nigeria and New York.

The fintech now processes payment in different currencies. The company expanded into India in September, partnering with IndusInd Bank to make remittances between India and Africa more efficient. The company works with companies such as Alibaba’s Alipay, Uber, Netflix and others.

The late 2023, the oorganization also received 13 money transmission licenses in the U.S., expanding its reach to 29 states.

“Our mission is to connect Africa to the world and the world to Africa by simplifying payments for endless possibilities,” said Olugbenga Agboola, in a press release. “These licenses move us one step closer to our vision and we will continue to expand this feat to ensure coverage for all states in the U.S. and beyond.”

Flutterwave has been subject to regulatory examination, as the financial services sector is subject to strict regulations. In 2022, Kenyan authorities began looking into cases of money laundering. The central bank declared that Flutterwave lacked a license to provide payment services in Kenya, and the Kenyan High Court blocked bank accounts. November saw the corporation declared innocent of any wrongdoing.