Flutterwave, a Pan African payments technology company, announced that it has entered into North Africa with the acquisition of payment licenses in Egypt.
The payment licenses are the Payment Services Provider and Payments Facilitator licenses. The licenses obtained by Flutterwave will allow it to function as a recognized payment service provider in the country and handle collections and settlements of payments, both domestically and internationally. With these licenses, Flutterwave can roll out its Flutterwave for Business suite, including features like store, payment links, invoices, and checkout, in Egypt.
With the acquisition of these licenses, Flutterwave becomes one of the few payment service providers in Egypt with both local and global settlements capabilities.
Flutterwave enables cross-border transactions in multiple currencies for large companies like Uber, and the recently obtained licenses will allow it to assist international businesses looking to enter or expand in the Egyptian market. Furthermore, Flutterwave will have the capability to support local businesses in expanding globally, thereby generating new employment opportunities within the country.
Since Flutterwave raised USD $250 million in Series D funding, valuing the company at over $3 billion about a year ago, the company has been on an ambitious expansion drive to accelerate customer acquisition in existing markets and growth through mergers and acquisitions.
Flutterwave co-led Dapio’s $3.4million raise to scale its contactless payment solution in UK and Europe and is vying to buy British fintech Railsr.
Commenting on the news, Aalaa Gamal, Regional Manager, North Africa in Expansion & Partnerships, Egypt, said, “We’re excited to receive the payments services provider and facilitator licenses in Egypt. The licenses will enable us to be the go-to payment processor and digital transformation partner for global settlements in Egypt, which enables our customers to expand quickly within or outside of the country. This, for us, is the beginning of other strategic wins in the North Africa and Middle East regions.”
Commenting on the news, Olugbenga GB Agboola, CEO and Founder of Flutterwave said:
“We are proud to have been granted the Payment Services Provider and Payment Facilitator licenses in Egypt, which forms part of our international expansion strategy. This is testament to our commitment to provide first-class payment services, seamlessly connecting businesses to their customers. Our vision is to connect all parts of Africa through payments and connect Africa to the world. This way, it is easier for multinationals expanding into Africa to do so. This achievement is yet another step in that direction. ”
As part of Flutterwave’s expansion initiatives, they have also made it possible for users to send money to Ethiopia via cash pickup. Ethiopians in Diaspora can send money home and have the receivers pick up the cash in Dashen bank branches, Amole Agents and Ethiopian postal service offices.
Flutterwave has processed over 400 million transactions in excess of $25 billion across over 35 countries.
