Flutterwave Extend Operations To 29 US States

Prominent payments technology company, Flutterwave has unveiled its acquisition of money transfer licenses for 13 states in the United States which the company says will enhance swifter, more economical, and money transfers between the United States and Africa.

The newly acquired licenses cover Arizona, Arkansas, Maryland, Michigan, Delaware, Georgia, Maine, Mississippi, Missouri, New Hampshire, Iowa, North Dakota, and South Dakota. These additions, combined with Flutterwave’s existing partnership with another licensed financial institution, extend its service capability to customers in 29 U.S. states.

Money transfer licenses, issued by state regulators, authorize financial technology companies to engage in money transmission activities. Flutterwave’s expanded regulatory reach, exemplified by these licenses, demonstrates its commitment to delivering services with safety, soundness, and compliance with regulatory standards.

Stephen Cheng, Executive Vice President of Global Expansion and Partnerships at Flutterwave, emphasized the significance of these licenses in expanding the company’s regulatory footprint and fostering trust among regulators, partners, and customers. Cheng stated, “We’re growing and are committed to servicing customer needs in as many geographies as possible with a significant African diaspora.”

The acquired licenses will particularly benefit Flutterwave’s Send App, a user-friendly money remittance app facilitating transfers between the U.S. and Africa, along with enterprises globally relying on Flutterwave for last-mile payouts.

Olugbenga Agboola, Founder and CEO at Flutterwave, highlighted the company’s mission to connect Africa to the world and vice versa, emphasizing its commitment to simplifying payments for various possibilities. Agboola expressed, “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.”

The licenses address the challenges faced by the African diaspora in sending money between the U.S. and Africa, making the Send App accessible to this community. Flutterwave remains dedicated to providing accessible remittance services throughout the U.S., with ongoing efforts to expand its licensing coverage.

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