Carlos Fernandes On December 7, Flutterwave, an esteemed Nigerian fintech company, disclosed its acquisition of money transfer licenses in 13 states across the United States. This development, coupled with an existing partnership with a licensed financial entity, enables Flutterwave to extend its services to a total of 29 states within the U.S. The CEO of Flutterwave articulated the company’s ambition to further broaden its presence in the U.S. by obtaining additional licenses in the future.
Expanding Reach in the U.S. Market
Flutterwave, recognized as a fintech unicorn in Nigeria, recently secured essential licenses for money transfers in 13 U.S. states. These licenses are a significant step forward, facilitating more efficient, cost-effective, and secure money transfers between the United States and Africa. The collaboration with a licensed financial institution further allows Flutterwave to cater to clients in 29 U.S. states.
Flutterwave’s recent statement, issued on December 7, clarified that the newly acquired licenses bolster not only its consumer-facing transfer application but also support businesses utilizing its platform for international payouts.
Stephen Cheng, the Executive Vice President for Global Expansion and Partnership at Flutterwave, commented on this achievement. He emphasized that obtaining these licenses enhances the company’s regulatory standing, underscores its commitment to delivering secure services, and builds trust among regulators, partners, and clients. He also reaffirmed the company’s dedication to meeting customer needs across diverse geographies, particularly where there is a significant African diaspora presence.
Olugbenga Agboola, the founder and CEO of Flutterwave, reflected on the importance of these U.S. licenses. He stated that they bring the company closer to achieving its objective of bridging Africa with the global community by simplifying payment processes. Agboola also indicated Flutterwave’s intent to continue expanding its U.S. operations through additional licenses.
Besides securing U.S. regulatory approvals, Flutterwave has also been actively engaging with regulators in Africa, leading to approvals from central banks in Nigeria and Malawi.
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Frequently Asked Questions (FAQs) about Flutterwave Expansion
What is the recent achievement of Nigerian fintech company Flutterwave?
Flutterwave has recently acquired money transfer licenses in 13
