Flutterwave brings X-Border payments to Africa
Global payments technology start Floating wave, in collaboration with the association Foundation for Stellar Development, introduced two new transfer routes between Europe and Africa on the Stellar transnational transaction system, according to a press release on Monday, October 25.
Work with a payment institutionTEMPO, the European Union’s main anchor point for Stellar blockchain payments, Flutterwave uses the Stellar network to simplify remittances in Africa. Flutterwave intends to expand Stellar-based capabilities to other African countries as it continues to increase the number of currencies it supports.
“Sending money to sub-Saharan Africa costs more than to any other region in the world,” said Olugbenga Agboola, CEO of Flutterwave. “Our new payment lanes on Stellar will allow us to continue to expand the Flutterwave network to provide very important and profitable money transfer services to African business owners.”
The announcement follows a collaboration earlier this month between MoneyGram and Stellar to enable cash funding and local currency payment for customers using US dollar (USDC) coins, according to PYMNTS. The joint effort will allow consumers to switch to USDC in cash or vice versa, which will enhance the usefulness and liquidity of digital funds and allow more users to take advantage of the digital economy.
Related: MoneyGram, Stellar Development Team on eWallet offering near instant USDC settlements
Nigerian company Flutterwave, which is speeding up cross-border money transfers across Africa and partners with major national brands such as Facebook, Uber and Booking.com, launched a new round of funding earlier this month with a minimum enterprise value of $ 3 billion, a threefold increase. in its latest review, according to PYMNTS.
Flutterwave, which was founded in 2016 and operates in more than 33 African countries serving nearly 300,000 merchants, processed more than 140 million transactions totaling more than $ 9 billion between January and March. Between 2018 and 2020, the company’s revenue skyrocketed at a compound annual growth rate of 225%.
See more : Nigerian payments startup Flutterwave seeks $ 3 billion in new funding
In March, Flutterwave announced a partnership with PayPal to allow PayPal customers to pay African retailers through the Flutterwave platform, according to PYMNTS.
Read more: PayPal and Flutterwave deal target African market