Flutterwave secures top spot on CNBC's 50 Disruptor list, joining OpenAI, Stripe and Canva

Flutterwave ranked 14th on CNBC Disruptor 50 list, up from 21st in 2021
The company, founded in 2016, is based in Lagos, Nigeria, and has secured $475 million in funding
Flutterwave processes payments in over 30 currencies across 40 countries and has expanded into India

Ranked 21st in 2021, the company now joins the ranks of OpenAI, Stripe, and Monzo, securing the 14th position this year.

Africa is home to the fastest-growing population in the world, and on a continent that lacks much traditional infrastructure, younger people are relying on technology for everything from banking to transportation and entertainment. Flutterwave is among a wave of startups using technology to fill in the gaps.

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Flutterwave was founded by CEO Olugbenga "GB" Agboola in 2016 and is headquartered in Lagos, Nigeria. The company has secured $475 million in funding from firms such as Tiger Global Management and Salesforce Ventures and is currently valued at $3.2 billion.

Valuations in the fintech sector have fallen, but Flutterwave is reportedly moving forward with IPO plans. The company has said it might sell shares in New York and possibly Nigeria.

The fintech now processes payments in more than 30 currencies across 40 countries. 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.

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Flutterwave also received 13 money transmission licenses in the U.S. in late 2023, 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,” Olugbenga Agboola, Flutterwave’s founder and CEO, said 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.”

Financial services are a tightly regulated industry, and Flutterwave hasn’t escaped regulatory scrutiny. Kenyan authorities launched a money laundering investigation in 2022. The Kenyan High Court froze bank accounts and the central bank said Flutterwave wasn’t licensed to carry out payment services in the country. The firm was cleared of wrongdoing in November.