“One of the biggest problems we ran into (at Andela); was sending money into Africa. We had to incorporate in every African country we had developers so we could pay them. Because of that, we processed payments every one to three months to avoid incurring too many fees. Each time, it took at least a week to transfer the money to our local bank account and it still cost us a fair bit each time.” — Iyinoluwa Aboyeji, Co-Founder of Flutterwave.
Technology has been evolving all over the world, but Iyinoluwa Aboyeji has taken Africa technology as a case study when he first developed the Andela platform for African developers to thrive. But the bigger picture lies ahead when he created a digital payment platform with a team of ex-bankers, entrepreneurs and engineers. This application program interface (API) is known as Flutterwave.
Flutterwave which is founded in 2016 is a payment technology firm that focuses on assisting various financial institutions and businesses in providing easy and secure payment experience for their target customers. It is an application program interface that allows customers to process credit cards, mobile payments and, the likes across Africa. The company is focused on changing the way the world does business and its mission is directed on alleviating Africans from poverty by building payment infrastructure to connect Africa to the global economy.
HOW DO FLUTTERWAVE WORKS?
FLutterwave technology accepts old card-based mostly payment process however conjointly caters to a lot of standard payment process ways like ACH and mobile cash payment. When you integrate with Flutterwave API, you are integrating all these different payment systems and methods simultaneously. You can pay and also be paid from numerous cards, mobile wallets and bank accounts in many African countries as soon as possible.
The products are user-friendly and are targeted to every business sector and individual financial commitments. The first product of Flutterwave technology is called Rave.
Rave is a unique product that allows one to make and accept payments from clients anywhere in the world. Whether it requires a single payment link or multiple transactions, rave design is a complete integrated global payment. This product is a reliable tool that makes payment solutions easier to process.
Benefits of Using Rave: Gone are the days when a lack of speed results in failed transactions. Rave product accepts debit and credit card payments from customers in over 154 countries. Also, Visa, MasterCard, verve and the likes are all supported for transactions. There is no additional integration cost while rave with you receiving the full support of their services which is managed and operated by Flutterwave. With rave, you can also collect payments from your customers in real life.
The price for collections on rave using local payments is subject to a cap of N2000 while on the payout is N45 per transaction.
Barter is the second product of Flutterwave. This product deals with the individual management of finance using the barter application which can be gotten from Google Playstore.
Barter product helps you to manage your payment and subscriptions, help you to also save money for your projects and small business and when your friends are in need, you can send money to them using barter products. One of the benefits of barter products is that you can apply for repayable easy short-term loans right in the application to boost your account. In summary, this app will help you to manage your funds on your to-do list.
These products have penetrated the digital payments system in Africa and some of the businesses that use Flutterwave products include, UBER, OjoExpress, Flywire, Kiki Kamanu and many more.
MILESTONES ACHIEVED BY FLUTTERWAVE:
Flutterwave is an award-winning payment Technology Company in Africa and has generated over $20million to date and its largest investors include Green Visor Capital and Greycroft Partners.
In August 2018, Flutterwave was recognized by the Central Bank of Nigeria for its unstructured supplementary service data (USSD) technology product.
The reliability of Flutterwave has seen the company made a payment process of $2.5billion with over 100 million transactions. They have partnered with over 50 banks and currently have a staff rate of over 1200 who are developers that build on Flutterwave. Now you see that the future of digital payments in Africa is in safe hands.
Currently, Flutterwave headquarters is located at 1323 Columbus Avenue, San Francisco, CA 94133 while their office in Nigeria is located at Number 8, Providence Street, Lekki Phase 1, Lagos, Nigeria.
You can contact Flutterwave Nigeria on +23412809030 for more details.