- Flutterwave founder and chief executive officer, Olugbenga Agbool, revealed a boom in the fintech company’s transactions
- He attributed the growth to collaborations with platforms that facilitate payments for international e-commerce
- This year, the company expanded its international presence by obtaining 20 additional licenses for its remittance app
TUKO.co.ke journalist Japhet Ruto has over eight years of experience in financial, business, and technology reporting and offers deep insights into Kenyan and global economic trends.
Flutterwave, the most valuable fintech startup in Africa, has revealed that it processed $1 billion (KSh 129.5 billion) worth of transactions this year, serving Africans in East Asia.
Source: Twitter
Founded in Nigeria in 2016, Flutterwave handles online payments for companies in over 30 African nations.
Why is Flutterwave gaining momentum?
Olugbenga Agboola, the founder and chief executive officer of the company, revealed a boom in transactions outside the continent.
“We recently ramped up transactions in several corridors, including East Asia to Africa,” he said, as reported by Semafor.
He disclosed that in the first half of 2024, the volume of transactions handled along that route “was negligible.”
Is Flutterwave expanding?
According to Flutterwave, the rise this year has been attributed to collaborations with platforms that facilitate payments for international e-commerce, particularly two Chinese fintech firms, Norafirst and Skyee.
This year, the company has expanded internationally by obtaining 20 additional licenses in the US for Send, its remittance app that allows users to send money directly to one another without the involvement of intermediaries.
In addition, Flutterwave launched its platform in Cameroon, Senegal, and Zambia, expanding its services across the continent.
Transaction volumes in Ghana, where the firm introduced a new payment feature in March, increased 47 times in the first half of 2025 when compared to the same period in 2024.
Source: Twitter
What is Agboola’s plan?
According to Agboola, he is committed to making Flutterwave a cost-constrained engine that generates more income.
He explained that the company would be ready for future opportunities, such as a possible Initial Public Offering (IPO), which was first proposed in 2022, if it created a sustainable business.
“We’re not chasing vanity metrics. We’re building a company that outlasts the hype, that scales with discipline, and that puts African innovation at the centre of the global economic map. The first half of 2025 was proof that we’re executing on a long-term plan,” he stated in the half-year review.
The last time Flutterwave raised money was more than three and a half years ago, when Silicon Valley companies like Salesforce Ventures and Tiger Global invested $250 million (KSh 32.4 billion), valuing the company at more than $3 billion (KSh 388.5 billion).
Following the end of the zero-interest-rate era, African venture capital fundraising has significantly slowed down in response to a global shortage.
How much did Flutterwave lose?
Earlier, TUKO.co.ke reported that the company sacked 24 workers after hackers diverted KSh 920 million from its account.
As per the CEO, the move was part of the plan to realign and leverage possibilities in its main business segments.
He noted that depending on the country in which they work, the affected employee will receive some benefits.
Source: TUKO.co.ke