Flutterwave receives regulatory nod to enter Egypt


Olugbenga Agboola, co-founder and CEO of Flutterwave. FILE PHOTO | POOL

Flutterwave — Africa's most valuable start-up — has received regulatory approval to operate as payments and money remittance service provider in Egypt as the tech firm steps up its expansion on the continent. 

The license comes at a time the unicorn is trying to overcome regulatory hurdles across Africa that have slowed its ambitious plans to expand on the continent.

“We are proud to have been granted the Payment Services Provider and Payment Facilitator licenses in Egypt, which forms part of our international expansion strategy,” Flutterwave chief executive Olugbenga Agboola said. 

“Our vision is to connect all parts of Africa through payments and connect Africa to the world. This way, it is easier for multinationals expanding into Africa to do so. This achievement is yet another step in that direction.”

The Nigerian-based startup, headquartered in San Francisco, provides payment technology for merchants, and processes payments on the Web, mobile, ATM, and points of sale worldwide.

The firm was founded by Nigerian nationals Olugbenga Agboola and Iyinoluwa Aboyeji in 2016 to facilitate cross-border payments for small and large businesses in Africa through one application programming interface (API).

Last year, the tech firm announced it raised $250 million in a Series D round that tripled its valuation to over $3 billion in just 12 months. The company has plans to list Nasdaq Stock Market and enter the lucrative lending market as it gears for more growth. 

Flutterwave has processed over 400 million transactions in excess of $25 billion across over 35 countries. 

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