Flutterwave, a popular financial technology firm that is actively operating in Africa has announced a $50 million investment plan in Kenya. Flutterwave $50 investment Kenya
The news was made public by Olugbenga Agboola, CEO and Co-founder of Flutterwave. This significant step is part of their expansion strategy into the East African market, initially revealed in April 2023.
Flutterwave’s entry into Kenya faced various challenges, including frozen accounts in 2022 due to money laundering allegations and a similar incident in June 2023 involving a betting fraud claim. However, these issues have been resolved, and the frozen funds have been released.
Flutterwave is expanding its Kenyan office, which will serve as the East African headquarters. This investment reflects their intention to scale up operations significantly.
Flutterwave is pursuing essential licenses, including a payments service provider license and a remittance license in Kenya. These licenses will enable the company to facilitate electronic funds transfers, money deposits, and withdrawals, thus expanding its financial services offerings.
Flutterwave received name approval from the Central Bank of Kenya (CBK) the previous month. Recall that in July 2022, CBK stated that Flutterwave [and Chipper Cash] were operating without the required licenses in the country. Flutterwave $50 investment Kenya