Flutterwave, Africa’s fintech unicorn, has released its 2024 end-of-year report, showcasing record-breaking results amid global expansion and technological innovation.
The Fintech company which has emerged as a leader in the payments/ remittance market, processed $31 billion in transaction volume for the year.
In 2024, in a bid to become more agile, the company reinforced its core systems with more depth to drive the next phase of growth for African commerce and set up African businesses to scale effectively. Flutterwave took scale to a whole new level, and businesses using the platform followed the same tempo, receiving payments from a new geographic location like never before.
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These businesses received payments from customers in every corner of the globe, with a significant portion of their payments originating from Africa. In the report, 48% of businesses received payments from a new geographic location in 2024. This signaled a 12% increase in expansion from the previous year. Payment Services Providers, Remittance, Travel, and Hospitality sectors led the expansion drive, receiving payments from more new markets than any other sector.
In 2024, Flutterwave embarked on a massive expansion plan, by extending its reach across the African continent. The fintech company became fully operational in several African countries which includes; Rwanda, Ghana, Uganda, Zambia, and Mozambique. With new global expansions and partnerships, it operated in 35+ countries, supporting 150+ currencies, and providing customers with every payment method needed.
The company noted that its strategic partnerships have strengthened its acquiring capabilities, allowing the platform to accept nearly every global currency. In 2024, 60 of the 150 currencies we support were used for transactions at checkout. That’s over 30% of the world’s currencies processed on Flutterwave.
Also, with a focus on infrastructural depth, it meant more capacity to route payments through the most effective channel, and the result was record-breaking in months like December. December alone saw over 26 million transactions worth $500M, with even our quietest month hitting 72% of that volume.
One of Flutterwave’s most notable improvements in 2024 was that the platform significantly enhanced to outsmart unpredictable industry downtimes. When payment providers and other third-party dependencies experienced service disruption, the company’s success rate never went below the average mark. Also, its enhanced fraud detection system, which increased card transaction velocity by five times, led to huge savings in processing fees.
Notably, Flutterwave’s report also sheds light on shifting payment preferences in Africa. In Nigeria, a key market, direct debit payments are expected to rise in 2025, gradually replacing card-based transactions. The company’s focus on alternative payment methods is expected to widen financial accessibility across its markets.
In addition, Flutterwave aims to enhance its infrastructure with the launch of its next-generation API in the first half of 2025. The APl is designed to provide businesses with a smoother payment experience, easier integrations, and greater control over their financial operations.
Founded in 2016, Flutterwave with its innovative offerings, has grown remarkably, positioning it as a dominant force in the global payments technology sector, underscoring its growing influence and impact. The company was named among CNBC’s Top 250 Fintech companies and Fast Company’s most innovative company for the EMEA region in 2024.
By breaking down barriers and creating seamless pathways for commerce, the company is doing more than facilitating transactions. With more alternative payment methods added on Flutterwave, it is helping businesses reach a wider customer base while giving their customers the freedom to pay their way.