^ "How Flutterwave is helping SMEs in Africa 'keep the lights on' during the pandemic".^ "Flutterwave Sponsors AFCON 2021 Broadcast On Afrosport TV -".^ "Flutterwave Appoints Oluwabankole Falade as Chief Regulatory and Government Relations Officer – TechMoran".^ "Flutterwave Picks Wizkid as Global Brand Ambassador, Launches Send".^ "Flutterwave secures $250m Series D with valuation at over $3bn"."Nigerian payments startup Flutterwave achieves "unicorn" status after $170m funding round". "Flutterwave secures switching and processing licence, enables eNaira for businesses". ^ "African fintech Flutterwave triples valuation to over $3B after $250M Series D".The court documents seen by TechCabal included a petition by Flutterwave's legal counsel to the police, which was dated February 20, 2023. However, several sources told TechCabal that they lost funds and their accounts were frozen. Two days later, on March 5, Flutterwave denied the TechPoint Africa report of a hack, stating that customers did not lose any funds. On March 3, 2023, a Twitter user tweeted about a hack at Flutterwave. In a response, the company stated it has taken action against individuals within the company responsible for harassment. Harassment įlutterwave has been subject to multiple lawsuits and allegations of denying former employees stock rights as well as having a culture of bullying and harassment. In a court order cited by Bloomberg, the agency absorbed Flutterwave of any infringement. The Kenya's Assets Recovery Agency withdraw the allegation of money laundering and fraud against Flutterwave. In July 2022 a Kenyan High Court froze accounts held by Flutterwave holding over 6.2 billion of Kenyan shilling based upon allegations of that the funds were the proceeds of credit card fraud and money laundering after a request from Kenya's Assets Recovery Agency The company has denied accusations of financial misconduct. In February 2023, a Kenyan court released $51.9 million belonging to Flutterwave after the Asset Recovery Agency of Kenya withdrew its case against the startup. įlutterwave, in an official response, disclosed that it submitted applications for licensing to the central bank of Kenya in 2019 but has not been granted one. The clarification of Patrick followed an initial ruling by a Kenyan High Court on July 6, 2022, which froze all assets and accounts of Flutterwave in the country. Kenyan central bank Governor Patrick Njoroge disclosed on July 28, 2022, after the Monetary Policy Committee meeting, that Flutterwave and Chipper have not been granted a licence to operate in the country. This includes processing funds transfers between banks and fintechs, as well as participating in agency banking and other payment services. The switching processing license grants Flutterwave autonomy across the payments ecosystem value chain. On September 1, 2022, Bloomberg reported that the Central Bank of Nigeria had granted Flutterwave the country's highest payment processing license, which allows it to process transactions between banks and cards without intermediaries. Over 20,000 businesses enrolled on the store for free through a campaign called "keeping the lights on". The store became a turnaround for these businesses that are mainly without digital footprints or without the means to integrate payment into their webpage. Digital Store Īt the peak of the COVID-19 pandemic, Flutterwave built a digital store to help medium and small-scale businesses that were badly impacted by the global lockdown to display their products for market online. In January 2022, Flutterwave partnered AfroSport Network to broadcast the 2021 Africa Cup of Nations free-to-air from 9 January 2022 to 6 February 2022. In December 2021, Flutterwave launched Send, an African-focused remittances service, and immediately appointed Nigerian Grammy Award-winning international musician, Ayodeji Ibrahim Balogun, popularly known as Wizkid as its global ambassador to further push the company's brand among the Africans in the diaspora. Also in 2022, Flutterwave raised a US$250 million Series D funding round at over US$3 billion valuation. Investors in Flutterwave include Y-Combinator, Visa Ventures, Mastercard, Avenir Growth Capital, and Tiger Global Management. At the time, this was the largest amount ever secured by an African tech startup and gave it a valuation of over US$1 billion, making Flutterwave a unicorn. In 2021, Flutterwave raised a US$170 million Series C funding round. The company was founded in 2016 by Iyinoluwa Aboyeji, Olugbenga Agboola, and Adeleke Adekoya and is headquartered in San Francisco, California with operations in Nigeria, Kenya, Ghana, South Africa, and seven other African countries. Olugbenga Agboola ( CEO), Iyinoluwa Aboyejiįlutterwave is a Nigerian fintech company that provides a payment infrastructure for global merchants and payment service providers across the continent.
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