flutterwave-and-token.io-team-up-to-provide-pay-by-bank-transfer-to-users-in-uk-and-eu

Flutterwave and Token.io Team Up to Provide Pay By Bank Transfer to Users in UK and EU

 

FlutterwaveAfrica’s leading payments technology company, has collaborated with Token.io, Europe’s leading account-to-account (A2A) payment infrastructure provider, to power Pay By Bank transfer capabilities for Flutterwave’s platform. The announcement was made today at the Money20/20 Europe fintech conference in Amsterdam.

A2A payments (often called ‘Pay By Bank’) are a fast and secure way to move money between bank accounts. Open banking powered A2A payments do not require registration or error-prone data entry, making them a seamless payment method. End-users authenticate A2A payments directly with their bank for a frictionless experience that also delivers higher success rates than market standards. A2A payments offer merchants cost savings compared to traditional payment methods and settle instantly to improve cash flow.

“Our partnership with Token.io will make it even faster and easier for individuals and businesses to pay and receive money,” commented Olugbenga “GB” Agboola, CEO of Flutterwave. “By partnering with Token.io to provide Account-to-Account payments to our customers, Flutterwave will advance its mission of connecting Africa to the global economy,” he added.

“We’re confident that Token.io’s infrastructure will help Flutterwave offer its customers a more comprehensive payment solution, with A2A payments being a key part of this for UK, EuropeMiddle East and Africa corridors,” said Todd Clyde, CEO of Token.io. “This partnership underscores our commitment to enabling payment providers to grow with open banking powered A2A payments, which are projected to exceed 6.5 billion in annual global volumes by 2027.”

Powered by open banking, Token.io’s A2A infrastructure enables payment providers to launch their own A2A payment capabilities to grow their market share. Token.io offers the highest performing and deepest connectivity for open banking powered A2A payments in the industry, reaching over 567 million bank accounts (80%+ of accounts per market) in 16 European countries.

Flutterwave is a payments technology company that enables customers including Uber to send and collect payments, process payments, and build financial products. Flutterwave currently supports over a million customers across 34 countries in Africa. Enabled by Token.io’s technology, A2A payment capabilities are now available through Flutterwave’s Collect Payments product for businesses.

Pay By Bank capabilities will also be available on Send by Flutterwave, Flutterwave’s cross-border payment platform, in Q3. This will further simplify money transfer for Africans in the UK/EU looking to send money back home.

flutterwave-secures-two-additional-licenses-in-rwanda:-electronic-money-issuer-&-remittance-licenses

Flutterwave Secures Two Additional Licenses in Rwanda: Electronic Money Issuer & Remittance licenses

 

Flutterwave, Africa’s leading payments technology company, has today announced that it has received its Electronic Money Issuer and Remittance Licenses from the National Bank of Rwanda. This will help the company expand its operations in East Africa.

With these new licenses, in addition to being a Payment Service Provider, Flutterwave can offer money deposit and withdrawal, electronic funds transfer, as well as inbound and outbound remittance services to the 13.46 million people living and working in Rwanda.

According to Rwanda’s National Institute of Statistics, Micro, Small & Medium Enterprises (MSMEs) in Rwanda account for about 97% of businesses and contribute almost 55% to the total GDP. That makes MSMEs critical to job creation and the economic growth of the country.

Flutterwave will be deploying a range of products in Rwanda, including Send by Flutterwave, its cross-border money transfer solution. Also available will be Flutterwave for Business and its suite of products, including Store, payment links, invoices and checkout to help individuals and businesses in Rwanda make the most of the booming eCommerce market.

Olugbenga “GB’ Agboola, Founder and CEO of Flutterwave, commented on the news, “From our first transaction to over 400 million now, we’ve remained committed to our vision of connecting all parts of Africa through payments and connecting Africa to the world. As a country well known for fostering innovation and promoting the use of digital technology, Rwanda has always been important to our expansion plans in East Africa. We are delighted for the vote of confidence in being granted these licenses. With them, we will leverage our extensive global reach and continuous growth in emerging markets to provide MSMEs in Rwanda with the tools they need to stimulate the economy, facilitate seamless cross-border transactions for Rwandans and support the expansion drive of global and Rwandan businesses.”

Commenting on the news, Leah Uwiroheye, Flutterwave’s East Africa Regional Lead, Regulatory and Government Affairs, said, “This is a great achievement for the company. As Rwanda continues executing important reforms to enhance the ease of doing business and implementing its Fintech Strategy 2022-2027, Flutterwave keeps contributing towards achieving a cashless economy by innovating and employing digital technology to support businesses and stimulate the economic growth of countries where we operate. The licenses will enable us to provide safe, secure and seamless payment services for individuals and businesses in Rwanda. This is definitely a starting point for Flutterwave as we continue to expand across East Africa.”

flutterwave-appoints-former-goldman-sachs-managing-director,-gurbhej-dhillon-as-new-cto

Flutterwave Appoints Former Goldman Sachs Managing Director, Gurbhej Dhillon as New CTO

 

Flutterwave, Africa’s leading payments technology company, today announced the appointment of former Goldman Sachs’ Managing Director, Gurbhej Dhillon as Chief Technology Officer (CTO).

Gurbhej joins at a key time for Flutterwave, following its recently completed Series D funding round, valuing the company at over USD 3 billion, and maintaining its rapid expansion.

As the new CTO, Gurbhej will be responsible for further development of Flutterwave’s innovative technology platform which currently supports integrations with key technology partners like VISA, Mastercard, Discover Card Networks, and customers like Uber, Flywire, Booking.com etc. He will focus on improving the architecture and infrastructure, as well as providing leadership enabling other engineering and product leaders to create the best solutions that support business growth for customers.

Gurbhej joins Flutterwave from Marcus by Goldman Sachs, where he was the CTO and Head of Lending Engineering. He has extensive experience in enterprise application architecture across financial services and consumer businesses. At Marcus, he was responsible for launching platforms to significantly grow businesses while improving customer experience and established strategic partnerships with several Fortune 500 companies.

Prior to that, Gurbhej was CTO for Goldman Sachs’ Investment Banking Capital Markets team, responsible for the design, architecture, and build-out of strategic platforms that enabled clients to execute equity and debt product offerings.

Gurbhej is a great supporter of the Developer Community in Africa and admires the work they have done in recent times, building creative solutions at a world-class standard.

In his role as CTO of Africa’s leading technology company, Gurbhej hopes to support the Community to attain higher levels.

Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said: 
“I look forward to working closely with Gurbhej as we continue to expand rapidly. With the needs of our customers constantly evolving, we remain focused on driving further innovation across the business and continuing to develop our cutting-edge technology platform that simplifies payments and connects the African market with the world. Gurbhej’s experience and deep expertise in developing financial technology platforms will be instrumental in Flutterwave’s further growth.”

Commenting on his appointment, Gurbhej Dhillon said: 
“I am delighted to be joining the Flutterwave team at such an exciting time for the company.  As a leading financial technology company in Africa, Flutterwave is well positioned to capitalise on the global trends in payment digitisation and continue to drive Africa’s digital transformation, creating further opportunities for customers and merchants alike. It is a very crowded market with lots of new entrants so it is vital that we as a company continually look to innovate our products and services, improve our existing architecture and create endless possibilities for everyone.”

In February 2022, Flutterwave introduced a series of new products and services, including Fintech-as-a-ServiceCapitalGrow and Card issuing, that would take the technology beyond payments. The fintech made improvements to existing products, such as a new powerful dashboard, Barter v4, and an AI-powered compliance process.