Africa’s leading fintech company, Flutterwave, in 2024 recorded a 12 per cent increase as its global footprint expanded significantly, with 48 per cent of businesses on its platform receiving payments from new geographic locations.
This was contained in its 2024 end-of-year report. The report showcased remarkable achievements in global expansion, technological innovation, and customer success.
The report solidifies Flutterwave’s position as a dominant force in the global payments technology sector, underscoring its growing influence and impact.
Since its founding in 2016, Flutterwave has emerged as a leader in African enterprise payments, processing over 630 million transactions valued at $31 billion.
The 2024 report highlights the company’s strides in broadening its global presence, advancing its technological capabilities, and delivering exceptional value to businesses worldwide.
In 2024, Flutterwave extended its operations to Rwanda, Ghana, Uganda, Zambia, and Mozambique, bringing its total presence to over 35 countries. Additionally, Flutterwave now supports more than 150 currencies, facilitating seamless cross-border transactions for its users.
In the United States, it achieved key milestones, securing 31 additional Money Transfer Licenses and launching its Send App in 49 states. These developments have enhanced its ability to serve the African diaspora and global customers, further strengthening its international reach.
In technological breakthroughs, Flutterwave improved card velocity by five times, boosting fraud detection capabilities and saving hundreds of thousands in card processing fees. It also introduced Direct Debit in Nigeria, marking a shift toward account-based payments, a trend expected to accelerate in 2025.
A strategic partnership with OPay provided Flutterwave access to over 40 million OPay users, significantly expanding its customer base. These innovations have earned Flutterwave prestigious accolades, including a spot on CNBC’s Top 250 Fintech Companies list and recognition as Fast Company’s Most Innovative Company for the EMEA region in 2024.
The report spotlighted the achievements of Flutterwave’s clients. Risevest, a wealth management platform, achieved a 93 per cent customer journey completion rate while entering new markets. Similarly, Trove Finance recorded a 100 per cent success rate for pay with bank transfers using Flutterwave’s infrastructure, demonstrating the platform’s reliability and efficiency.
Speaking on the company’s plan for 2025, CEO, Flutterwave, Olugbenga Ogboola said: “Our 2025 strategy includes the launch of next-generation
Application Programming Interface (API) in the first half of the year. This innovation aims to redefine payment infrastructure in Africa, offering smoother payment experiences, easier integrations, and enhanced customer control over API functionalities. “With a steadfast focus on sustainable growth and cutting-edge solutions, Flutterwave is set to maintain its momentum as a transformative leader in the global fintech industry. We are relentless drive for innovation and expansion ensures it remains at the forefront of shaping the future of payments worldwide.”
