Olugbenga Agboola’s Plans for Global Expansion
The president of Flutterwave, Olugbenga Agboola, is also a prominent software engineer. The company was able to raise over $22 million in VC funding since its launch, which is a part of why it became one of the fastest-growing startups globally.
- About Y Combinator
The Y Combinator is a not-for-profit organization that provides seed funding for startups hoping their companies will be valuable to others after they are acquired or further developed by other companies. The most successful startups launched by Y Combinator include Airbnb, Dropbox, Stripe, Reddit, and Snapchat. (Wikipedia). Olugbenga Agboola has credited the guidance from Y Combinator as the primary reason Flutterwave outperforms its competitors.
- About Endeavor
Endeavor Global is a network of local support hubs that help local entrepreneurs internationalize their businesses to expand to foreign markets. The organization currently has offices in more than 30 countries and supports around 600 companies annually. (Wikipedia). In 2016, Endeavor, the first organization of its kind, supported Flutterwave and provided it with funding to develop its services and expand into other countries such as Brazil, India and Nigeria.
- About Flutterwave
Flutterwave provides payment solutions in Nigeria, Kenya and Uganda. The payment card processing solution is currently used by companies such as Paystack, Jumia, and BusyInternet. Flutterwave sends payments to over 500 banks across Nigeria, Kenya and Uganda. This allows the company to provide more opportunities for a broader market. Olugbenga Agboola, the CEO of Flutterwave, has stated that Flutterwave’s payment services are closer to being a global company than an African one. He explained that the Y Combinator’s funding and Endeavor’s support helped Flutterwave achieve international status. However, he noted that it is still too early for them to be an internationally oriented company.
- How the App Works
Flutterwave’s app allows users to order food through their mobile based on the user’s location. The company compares prices from services across different markets, and users can receive notifications of delivered meals as they near their address. Furthermore, the app offers users discounts if they order from restaurants with loyalty status, which provides exclusive rewards for frequent restaurant customers. Olugbenga Agboola has stated that the app also allows restaurant partners to expand their customer base because they can attract more clients than they would be able to with their conventional systems.
- Flutterwave’s Role in Payment Processing
Flutterwave provides solutions for processing payments in Nigeria, Kenya and Uganda. The company collects transaction fees and pays the retailers after transactions are finalized. This is the first service that Flutterwave provides for its customers. Olugbenga Agboola believes that by providing payment services, Flutterwave enables other companies to move their mobile transactions online. By doing this, the company is making e-commerce possible for small and medium enterprises. With its payment app, Flutterwave aims to be the leading payment processing provider in Africa.
Flutterwave has provided payment solutions for businesses in Africa. It was able to grow into an international company because of the funds it received from investors and support from mentors. With the help of Y Combinator and Endeavor, Olugbenga Agboola’s plans for global expansion are coming to fruition.
The president of Flutterwave, Olugbenga Agboola, is also a prominent software engineer. The company was able to raise over $22 million in VC funding since its launch, which is a part of why it became one of the fastest-growing startups globally. About Y Combinator The Y Combinator is a not-for-profit organization that provides seed funding…