Flutterwave, a leading payments technology company, has announced its acquisition of money transfer licenses for 13 U.S. states to enable faster, more affordable, and secure transfer of money from the United States to Africa and back.
The states include Arizona, Arkansas, Maryland, Michigan, Delaware, Georgia, Maine, Mississippi, Missouri, New Hampshire, Iowa, North Dakota, and South Dakota.
The 13 new licenses in addition to its partnership with another licensed financial institution enable Flutterwave to serve customers in 29 states in the U.S.
Money transfer licenses are issued by state regulators to allow financial technology companies to engage in the transmission of money.
These licenses enable Flutterwave’s solutions like Send App, which facilitates money transfer between the U.S. and Africa, and enterprises that use Flutterwave for last-mile payout globally.
“Getting these licenses expands our regulatory footprint, demonstrates our ability to deliver services with safety and soundness, and fosters trust of regulators, partners and customers,” said Stephen Cheng, Executive Vice President, Global Expansion and Partnerships at Flutterwave. “We’re growing and are committed to servicing customer needs in as many geographies as possible with a significant African diaspora.”
“These licenses reflect our commitment to working with regulators across various markets, following their requirements and ensuring the safety of customer funds. We will continue to create an environment of safety and trust.” added Cheng.
Sending money between the U.S. and Africa is challenging for the African diaspora. These licenses enable Flutterwave to make Send App, the super user-friendly money remittance app, available to the African diaspora in the U.S. This will help them send money where their heart is.
“Our mission is to connect Africa to the world and the world to Africa by simplifying payments for endless possibilities,” said Olugbenga Agboola, Founder and CEO at Flutterwave. “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.”
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