Carat From Fiserv The Embedded Finance Ecosystem - Software Publishing January 2024 Banner

Flutterwave Acquires Money Transmission Licenses in 13 US States

Flutterwave has acquired 13 money transmission licenses in the United States, allowing for faster, more affordable and secure money transfers between the U.S. and Africa.

These licenses expand Flutterwave’s reach to a total of 29 U.S. states, the payments technology company said in a Thursday (Dec. 7) press release.

Money transfer licenses are crucial for financial technology companies like Flutterwave as they authorize the transmission of money, according to the release. With these licenses, Flutterwave can now serve customers in more states, thanks to its money remittance app, the Send App.

This is particularly significant for the African diaspora, as sending money between the U.S. and Africa has historically been challenging, the release said.

“Our mission is to connect Africa to the world and the world to Africa by simplifying payments for endless possibilities,” Olugbenga Agboola, founder and CEO at Flutterwave, said in the 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.”

Flutterwave’s platform allows businesses worldwide to expand their operations in Africa and other emerging markets through a single application programming interface (API), according to the release. It has processed more than 550 million transactions, totaling over $32 billion, and serves more than 2 million businesses.

One of Flutterwave’s key advantages is its ability to connect businesses to various local and international payment types, enabling them to expand globally, the release said. Additionally, the company’s Send App facilitates cross-border transactions from the diaspora to African countries.

Flutterwave accepts payments through multiple channels, including local and international cards, mobile wallets, bank transfers and Google Pay, per the release. Its infrastructure spans 34 African countries.

“We’re growing and are committed to servicing customer needs in as many geographies as possible with a significant African diaspora,” Stephen Cheng, executive vice president of global expansion and partnerships at Flutterwave, said in the release.

In another recent development, Flutterwave launched a digital foreign exchange (FX) solution called Swap in September.

“We’ve seen people who wanted to pay for a conference in the U.K. or pay for a flight ticket now able to do so because Swap exists,” Agboola told PYMNTS at the time. “It’s becoming a very stable platform for the average Nigerian looking to make currency conversions.”