What is Flutterwave
Flutterwave is a payment technology company that provides a platform for businesses and individuals to make and receive payments across Africa and internationally. It enables seamless and secure online and offline transactions, offering various payment options to suit different needs.
Flutterwave’s payment system is designed to facilitate both local and cross-border payments, catering to businesses of all sizes. It offers a range of payment methods, including card payments, bank transfers, mobile money, and alternative payment options.
By integrating Flutterwave’s payment APIs or using its hosted payment pages, businesses can accept payments from customers using their preferred payment methods.
One of Flutterwave’s notable features is its ability to process payments in multiple currencies. This is especially beneficial for businesses operating across borders or serving customers in different countries.
Flutterwave supports over 150 currencies, allowing businesses to receive payments from customers worldwide.
In addition to payment processing, Flutterwave also provides value-added services such as fraud management, transaction analytics, and recurring billing capabilities. These features help businesses enhance their payment processes, mitigate risks, and gain insights into their transaction data.
Overall, Flutterwave’s payment system aims to simplify and streamline the payment experience for businesses and individuals, fostering economic growth and financial inclusion in Africa and beyond.
The history of Flutterwave
Flutterwave was founded in 2016 by Iyinoluwa Aboyeji and co-founders in Lagos, Nigeria. The company was established with the goal of creating a unified payment infrastructure that would enable businesses in Africa to accept payments seamlessly both locally and internationally.
In its early stages, Flutterwave raised significant funding, including a $10 million Series A funding round in 2017. This allowed the company to expand its operations and develop its payment technology platform further.
By providing a simple and reliable payment solution, Flutterwave quickly gained traction among businesses and individuals across Africa. Its platform offered features such as card payments, bank transfers, and mobile money integrations, making it easier for merchants to accept payments from various sources.
Flutterwave’s payment APIs and hosted payment pages became popular choices for businesses looking to integrate payment processing into their websites or applications.
As the company grew, Flutterwave expanded its services beyond Africa and began to support international transactions. It partnered with major global payment networks, including Visa, Mastercard, and American Express, to enable businesses to accept payments from customers around the world. Flutterwave also integrated with popular digital wallets and payment platforms such as PayPal and Alipay.
In 2019, Flutterwave launched its flagship product, Rave. Rave is a payment gateway that allows businesses to accept online payments through various channels. It offers customizable checkout options, fraud protection, and extensive currency support.
Flutterwave continued to innovate and expand its offerings. In 2020, the company introduced Flutterwave Mobile, a mobile application that enables individuals to send and receive money, make payments, and manage their finances conveniently from their smartphones.
Over the years, Flutterwave has experienced rapid growth and secured significant investments. In March 2021, the company raised $170 million in a Series C funding round, valuing the company at over $1 billion. This funding has allowed Flutterwave to further enhance its platform, expand its operations, and pursue its mission of building a modern payment infrastructure in Africa and beyond.
Today, Flutterwave remains one of the leading payment technology companies in Africa, serving millions of customers and businesses across the continent and globally. Its innovative payment solutions and commitment to financial inclusion continue to drive its success.
How Flutterwave works
Flutterwave works as a payment technology platform that facilitates online and offline transactions for businesses and individuals. Here’s a general overview of how Flutterwave’s payment system works:
- Integration: Businesses integrate Flutterwave’s payment APIs or utilize its hosted payment pages into their websites, mobile apps, or other platforms to enable payment processing.
- Customer Initiation: When a customer wants to make a payment, they select their preferred payment method from the options provided by Flutterwave. These options may include card payments, bank transfers, mobile money, or alternative payment methods, depending on the integration and the country where the transaction is taking place.
- Payment Authorization: Once the customer selects their preferred payment method, Flutterwave securely collects and processes the payment details. This may involve redirecting the customer to a secure payment page hosted by Flutterwave or handling the payment within the integrated platform.
- Transaction Processing: Flutterwave communicates with the relevant payment networks, banks, or mobile money providers to initiate the payment transaction. It securely transfers the payment information and ensures the transaction complies with all necessary security standards.
- Payment Confirmation: After processing the payment, Flutterwave provides real-time feedback to the merchant and customer, confirming the success or failure of the transaction. This confirmation is crucial for ensuring a smooth payment experience and allowing the merchant to proceed with order fulfillment or service delivery.
- Settlement: Flutterwave initiates the settlement process to transfer the funds from the customer’s payment source (e.g., bank account, card) to the merchant’s designated account. The settlement timeframe may vary depending on the payment method, country, and the specific agreements between Flutterwave, the payment networks, and the merchant’s bank.
- Additional Services: Flutterwave offers value-added services to enhance the payment experience and support businesses. This includes fraud management tools to mitigate risks, transaction analytics to gain insights into payment data, and recurring billing capabilities for subscription-based businesses.
Flutterwave’s platform supports multiple currencies, allowing businesses to accept payments from customers worldwide. It also provides extensive documentation, developer resources, and support to help businesses integrate and utilize its payment system effectively.
Overall, Flutterwave’s payment system aims to simplify and streamline the payment process, providing businesses with a reliable and secure solution to accept a wide range of payment methods from their customers.
Can Flutterwave be trusted
Flutterwave is a reputable and trusted payment technology company that has gained recognition in the industry. Here are some factors that contribute to Flutterwave’s trustworthiness:
- Security: Flutterwave places a strong emphasis on security to ensure the protection of customer data and transactions. They employ robust encryption, tokenization, and other security measures to safeguard sensitive information during payment processing. The company is PCI DSS Level 1 certified, which is the highest level of certification in the payment card industry, demonstrating their commitment to data security.
- Compliance: Flutterwave adheres to strict regulatory and compliance standards. They comply with the regulations of various financial authorities, including the Central Bank of Nigeria, and other relevant regulatory bodies in the countries they operate in. This commitment to compliance helps instill trust in their operations.
- Partnerships: Flutterwave has established partnerships with reputable payment networks, financial institutions, and technology providers. These partnerships include collaborations with Visa, Mastercard, American Express, PayPal, and major banks. These associations further validate Flutterwave’s credibility and reliability as a payment solution provider.
- User Base: Flutterwave has gained a significant user base across Africa and beyond. Many businesses, ranging from small startups to large enterprises, rely on Flutterwave for their payment processing needs. The company’s ability to attract and retain a diverse range of customers speaks to its reliability and trustworthiness.
- Funding and Recognition: Flutterwave has secured substantial funding from reputable investors, which demonstrates confidence in the company’s vision and potential. Notably, its valuation exceeding $1 billion further attests to its credibility and market standing. Flutterwave has also received recognition through various awards and accolades, solidifying its position as a trusted payment service provider.
While trust is subjective and can vary from individual to individual, the factors mentioned above provide strong indications of Flutterwave’s reliability and trustworthiness within the payment technology industry. However, it’s always advisable to conduct your own research and due diligence before integrating any third-party service into your business operations.
Does Flutterwave charge a fee
Yes, Flutterwave charges fees for the use of its payment services. The specific fees and pricing structure can vary depending on factors such as the type of transaction, payment method, currency, and country of operation. Flutterwave provides transparent information about its fees on its website and documentation.
The fee structure typically includes charges for processing transactions, currency conversions, and other value-added services. For example, there may be fees associated with card payments, bank transfers, mobile money transactions, and alternative payment methods. The exact fees and pricing details can be obtained by contacting Flutterwave directly or accessing their official documentation.
It’s important to note that Flutterwave’s fees are subject to change, and different pricing models may be available for specific types of businesses or higher transaction volumes.
Additionally, there may be fees imposed by payment networks, financial institutions, or other third parties involved in the payment processing chain.
If you are considering using Flutterwave’s services, it’s advisable to review their current fee structure, evaluate your specific business requirements, and assess how the fees align with your budget and expected transaction volumes. This will help you make an informed decision regarding the suitability of Flutterwave’s payment system for your business.