Flutterwave, one of 9 tech unicorns in Africa, has obtained its Payment Services Provider and Payments Facilitator licenses in Egypt.
We're thrilled to announce that we have recently received the Payment Services Provider and Payment Facilitator Licenses in Egypt 🇪🇬🎉
This makes us a go-to payment partner for businesses within and beyond Egypt. 🦋🥳
Read more: https://t.co/o53k0RaDBk pic.twitter.com/ltBJsrKaOu
— Flutterwave (@theflutterwave) February 8, 2023
The new licenses enable Flutterwave to serve as a legitimate payment service provider in Egypt, process payments for its clients, and reconcile payments both domestically and internationally. The company can also deploy its business suite of offerings, including store, payment links, invoices, and checkout, in the country.
According to the company’s regional Manager, North Africa Expansion & Partnerships, Egypt, the move sets up the company for growth in Egypt and the rest of the region.
“We’re excited to receive the payments services provider and facilitator licenses in Egypt. The licenses will enable us to be the go-to payment processor and digital transformation partner for global settlements in Egypt, which enables our customers to expand quickly within or outside of the country. This, for us, is the beginning of other strategic wins in the North Africa and Middle East regions.”
By providing cross-border transactions in multiple currencies for companies like Uber, Flutterwave helps facilitate commerce for global companies setting up in Africa.
The new licenses will aid the company in supporting international businesses looking to enter or grow in the Egyptian market, the firm said. Additionally, it will empower businesses based in Egypt to expand globally, thereby contributing to job creation within the country through the support of local businesses.
Commenting on the news, Olugbenga GB Agboola, CEO and Founder of Flutterwave said:
“We are proud to have been granted the Payment Services Provider and Payment Facilitator licenses in Egypt, which forms part of our international expansion strategy. Our vision is to connect all parts of Africa through payments and connect Africa to the world. This way, it is easier for multinationals expanding into Africa to do so. This achievement is yet another step in that direction. ”
Flutterwave has over 1 million businesses on its client list. Some of its clients include:
Flutterwave has not stopped growing since raising $170 million in a series C round in March 2021 valuing the company at over $1 billion.
That was followed in February 2022, by a $250 million series D that valued it at over $3 billion.
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