Sometimes, the smallest ideas lead to the biggest changes. That was the inspiration behind the African fintech startup Flutterwave, a payment technology company that set out to make massive changes across its home continent
Founder and CEO Olugbenga “GB” Agboola started his company to improve the speed, security, and efficiency of cross-border payments and commerce across Africa. But he never imagined just how far it would go.
“Those were the driving forces behind Flutterwave: How do we become like a butterfly that can create a ripple effect in the ecosystem and still be tiny, yet we can make waves?” Agboola said. “Hence the name Flutterwave, by the way.”
The company’s success surpassed even the most ardent supporter’s predictions — just five years after its launch, it was a unicorn, a startup valued at more than $1 billion — and it has driven change far beyond its original intention.
E-payments have led to a digital revolution across the continent, empowering businesses and consumers alike. Financial technology has improved the lives and opportunities of Africans and given hope to a new generation of globally connected students.
But it has also done something else that’s just as important: It’s inspired a generation of entrepreneurs.
That might not have been part of Agboola’s original vision when he started a Flutterwave, but it’s become a powerful part of his legacy.
“We are a 1 billion people continent,” he said. “This is the opportunity continent. I think it’s really about showing them the opportunity here and the fact that capital can unlock that opportunity if properly deployed. That potential is just there and I think it’s very obvious to see.”
Understanding African Innovation
Flutterwave was built on a theory that many people doubted: that Africans could move directly into the digital age without experiencing a full industrial revolution.
But Agboola believed that what took Western countries decades to achieve, Africa could follow in just a short number of years.
“Africa has always been known to leapfrog. We go from nothing to something, consistently — no phones, to mobiles, to the internet. People skipped browsers; they search for what they want to buy on Instagram,” he said. “We’ve always been that way when it comes to [technology] leapfrogging a generation. That’s already happening here [with payments] as well. A lot of the unicorns you see in Africa are solving real problems. From OPay to Chipper Cash to Interswitch, if you live in Africa, you will see firsthand how these guys are relevant and are actually solving problems. And they hope to do so at a huge scale, which is amazing.”
It’s that spirit that Flutterwave’s success has bolstered. Following the rise of Flutterwave, many international investors have begun to view Africa more favorably.
In 2019, African tech startups raised more than $2 billion in equity funding, a remarkable 74% more than the previous year.
After a slowdown during the COVID-19 pandemic in 2020, the surge of funds returned in 2021, when tech startups in Africa secured up to $5 billion.
For Agboola, the appeal of Africa is twofold. There is both a severe need and tremendous talent in the continent.
“There are so many problems to solve on the continent. There are so many things to build. I’m excited by entrepreneurs who are willing to take on these crazy problems and try to solve them, across the board,” he said. “I think it’s a great time to be here. The market is still huge and still largely untapped. There is still a huge population that is not even banked at all on the continent. It’s just the place to be in the next 10 to 20 years. It’s going to be explosive. Our goal is to be here and stay alive to be able to harness the opportunity.”
A New Era of Entrepreneurship
The investment boom has helped remake Africa. Modern entrepreneurs seeking foreign seed money already face a vastly different reality than Agboola did when he founded Flutterwave.
“When we were starting, I didn’t get that much help, literally. We had to fund ourselves at the beginning with family money, with personal money. We all had to invest, bring our network to the table to raise capital for Flutterwave at the beginning,” he said. “So I think not everybody has that privilege that we had when we were starting Flutterwave. So basically helping other folks to get started is a big deal, because we see the ecosystem. I believe in the potential of African technology. I see what we’re building. The best engineers are in Africa. I see it every day. The best product guys are in Africa. I see it every day. So it’s really just putting your money where your mouth is. That’s the way I see it.”
Toward that end, Agboola still believes in leading by example. While his company continues to create products, such as the remittances service Send App that helps connect Africans to safe and secure sources of money that can be used to invest in new businesses, that’s not enough.
The next generation needs to see that African entrepreneurship is more than just a nice idea. For Agboola and Flutterwave, it’s a way of life.
“Every day, we come to work, and we live and breathe innovation,” Agboola said. “We’ve since built out Africa’s biggest payment network by reach, created solutions that make payments solutions, currency exchanges, e-commerce, and remittances easier for global companies selling in Africa, local businesses and Africans alike.”
