REGULATION | African Fintech Unicorn, Flutterwave, Acquires 13 Licenses from United States in Continued Expansion

Flutterwave, the leading unicorn in Africa, has announced its successful acquisition of money transfer licenses for 13 U.S. states.

According to the compnay, this is a strategic move geared towards enabling faster, more cost-effective, and secure money transfers between the United States and Africa. The acquired licenses cover the following states:

• Arizona
• Arkansas
• Maryland
• Michigan
• Delaware
• Georgia
• Maine
• Mississippi
• Missouri
• New Hampshire
• Iowa
• North Dakota
• South Dakota

With the acquisition of the new money transfer licenses, the fintech firm will be able to cater to customers in a total of 29 U.S. states.

“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. We’re growing and are committed to servicing customer needs in as many geographies as possible with a significant African diaspora.” said Stephen Cheng, Executive Vice President of Global Expansion and Partnerships 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,” said Flutterwave’s CEO, Olugbenga Agboola.

Flutterwave, which recently received official authorization to facilitate international remittances in Malawi, has been on an expansion drive across Africa and the world.

In early 2023, Flutterwave also secured two additional licenses:

• The Rwanda: Electronic Money Issuer and Remittance Licenses, in addition to its Payment Service Provider license, enabling the company to strengthen its operations in East Africa
• The company acquired a Payment Service Provider License in Egypt

In September 2023, Flutterwave entered the Asian market with its debut in India facilitated through a partnership with IndusInd Bank. This expansion made Flutterwave the first African company to streamline remittances from India to Africa marking a significant step into the second-largest market in Asia.

As reported by BitKE, Flutterwave is also in the process of launching USDC payment settlements in partnership with the Hedera blockchain.