- In 2018, fintech Flutterwave received a series A funding of $20 million, setting its pace ahead of most of its competition.
- In 2022, Kenya’s tech Industry accumulated $574.8 million in funding, showcasing its tech startups’ potential.
- Mr Oluwabankole Falade claimed that Fluttwerwave recognizes Kenya’s invaluable role in East Africa.
Nigerian fintech company Flutterwave has picked Kenya as its hub as the firm seeks to grow its presence across East Africa. This announcement signal’s Kenya’s growing significance in Africa’s digital transformation and competitiveness in business.
Olubenga Agboola, CEO of Flutterwave, said the organization is propelling financial inclusion in the country. Started in 2010, Flutterwave facilitates cross-border payment transactions of both small and large African businesses.
Flutterwave is among the few organizations to tap into Africa’s rising virtual economic community; the Web3 Community. One of its main selling points is its ability to integrate blockchain technology and use it to drive financial inclusion within the country.
Read: What Next after Nigerian Fintech Unicorn, Flutterwave Scandal?
Agboola’s concept has received support, and essential figureheads backed it within the tech world. In 2018, it received a series A funding of $20 million, setting its pace ahead of most of its competition. In two years, the company received additional investors raising $35 million in series B funding. And as the momentum grew, so did its ambition and drive to achieve its goal.
At this point, Flutterwave was making significant inroads in several African countries, and its functionalities were already standard in South Africa, Egypt, Kenya, and Nigeria. In March 2021, Tiger Global and Avenir soon wanted a piece of its glory and invested $170 million in a Series C round.
This marked one of the most significant moments placing the organization at a valuation of $1 billion. It became one of the few African success stories to attain unicorn status, putting it at the top as Africa’s leading fintechs. Further, Flutterwave raised an additional $250 million in a Serie D round, tripling the company’s valuation to over $3 billion in less than twelve months since attaining unicorn status. At this point, the organization focused on expanding services throughout Africa.
Knowledge-based economy
Kenya is known for its innovative quality of human capital. In the past decade, the government has turned its focus on knowledge-based economy by significantly contributing to building Kenya’s tech Industry.
In 2022, Kenya’s tech industry accumulated $574.8 million in funding, showcasing its tech startups’ potential. Having 308 promising tech startups, the government and other organizations have sought to invest in this wave of technology.
Read: Flutterwave CEO buys $7.1Mn beach house amidst hacking allegations.
During the 3rd American Chamber of Commerce (AmCham) Business Summit held in Nairobi, Flutterwave’s Chief Regulatory and Government Relations Officer Oluwabankole Falade singled out Kenya’s vibrant tech industry which is getting the eye of investors keen on expanding into the East African market.
He said Fluttwervwave recognized Kenya’s invaluable role in East Africa powered by a business-friendly environment and huge digital capability ahead of its peers.
Amchams summit saw business leaders, government heads and policymakers chart new paths for enhanced US commercial engagement with Kenya and East Africa Region, boosting Nairobi’s growing role in the digital and economic transformation of the continent.
The fintech company was a key sponsor of the Amham event, and it’s a board member of the US Chamber of Commerce Africa Business Center.
Declaring Kenya as the East Africa hub has set in motion Flutterwave’s regional expansion strategy. Since its launch, the fintech company has set its sights on ensuring that Small, and Medium Enterprises have efficient, simple, affordable technology solutions that can help drive business’ profitability.
Read: Flutterwave woes: Kenyan Court freezes company’s US$50 million.
Currently, Flutterwave’s critical SME solutions, Flutterwave Store and Flutterwave Market, aim to support Kenya’s tech industry and the SME sector, segments that employ around 80 percent of Kenya’s working population.
Mr Falade said, “we highly appreciate the support from the Government of Kenya, AmCham stakeholders and leaders across the region. Furthermore, Flutterwave fintech is proud to have chosen to support the Summit and East Africa hub. We are currently working with other global firms, such as Amazon and Uber, to establish more sophisticated and easy-to-use systems. We are in good company.”
