San Francisco and Lagos-based fintech giant Flutterwave, led by Nigerian tech billionaire Olugbenga Agboola, has unveiled plans to inject $50 million into Kenya, fueled by mounting confidence in the imminent issuance of its operating license in the country.
Flutterwave CEO and Co-Founder Olugbenga Agboola disclosed this strategic move in a recent media interview held in Nairobi. The announcement comes hot on Flutterwave’s declaration of its mission to transform Africa’s sluggish payments landscape, with an ambitious expansion into the Indian market.
Agboola, during the interview, stated: “We are committing no less than $50 million to this endeavour. We are actively recruiting talent, securing new office space, and bolstering our infrastructure. There is substantial potential in Kenya, and we are thrilled to be progressing through the approval process. We persevered even when faced with challenges. The current administration has been very supportive.”
When asked about the timeline for commencing operations in Kenya, Agboola expressed great optimism, saying, “We are highly confident about Kenya, and once the license is granted, our team in the country is prepared to spring into action the very next day.”
In 2016, Agboola embarked on a transformative journey by founding Flutterwave, a tech company that employs rapid integration to unlock opportunities for African businesses and customers. With headquarters in San Francisco and Lagos, Flutterwave, led by Agboola, stands as a shining example of global success in the African fintech sector.
The company has made significant strides this year, expanding its operations into Rwanda and Egypt, marking a giant leap toward its mission of revolutionizing Africa’s payments landscape. Furthermore, Flutterwave recently entered a pivotal partnership with IndusInd Bank Ltd., one of India’s leading financial services providers.
Earlier this year, Flutterwave extended its global reach through a technological collaboration with Microsoft, the multinational tech corporation co-founded by U.S. billionaires Bill Gates and Paul Allen.
In addition to its partnership with IndusInd Bank, a Mumbai-based financial services provider serving 35 million customers, Flutterwave has inked an agreement with Capgemini, a prominent French IT service management company.
The partnership aims to reinforce Flutterwave’s engineering infrastructure, further strengthening its position in the fintech industry.