Two days after raising $250 million in a Series D funding, Nigerian fintech unicorn, Flutterwave has unveiled new product offerings and features for individuals, business owners and developers. This announcement came on the official handles of the company across social media.
In a video of the announcement, Flutterwave CEO, Olugbenga Agboola, said Flutterwave is opening a whole world of new possibilities for users.
“With our current mission to simplify payments for endless possibilities, we are now so much more. To explain that, we have to express ourselves differently. Creating a world of endless possibilities requires a different mindset, approach and thinking. Here is what that looks like for us today”
Olugbenga Agboola, CEO of Flutterwave
The first obvious upgrade is the new look to the dashboard. It has now been completely rebuilt to help users manage and grow their business seamlessly. Alongside this is the new Checkout system that makes it easier for users to choose their preferred method of payment. New payment methods- Apple Pay and Google Pay have also been introduced.
In addition to this, businesses can now create and manage both virtual and physical cards. This enables merchants access better expense management, introduce new revenue lines, create new businesses, and cards for international payment. Virtual cards are available globally while physical cards are available for Nigerian users only.
Flutterwave can now provide loans for businesses
Perhaps the most interesting new product is Flutterwave Capital. Flutterwave Capital provides a business lending marketplace to support Flutterwave’s merchants in growing their businesses.
This solution is powered by Flutterwave in partnership with lending partners from traditional banks such as Wema Bank, Zenith Bank, alongside some microfinance banks like CashConnect Microfinance Bank, MoneyWise Microfinance Bank.
With Flutterwave Capital, merchants who use Flutterwave can now easily access collateral-free loans. Loans applications are processed and granted in less than two business days, without the usual strict documentation and conditions that often come with accessing loans from other financial institutions.
For now, this feature is only accessible for Nigerian merchants. Eligible merchants are those who have used the platform for at least three months and have also processed a certain amount of volume.
The interest rate on the loan is determined by the lending partner on Flutterwave. Repayment of loans starts the next day after the loan is accessed. To do this, the loan amount due daily will be debited from daily sales before settling into the merchant’s wallet or bank account.
Fintech-as-a-service
This new upgrade is open to developers who are looking to incorporate financial services into their products. With Flutterwave Fintech as-a-service, developers can build apps that easily allows customers to hold funds in their wallets, pay bills, create virtual cards, and do so much more, as opposed to building infrastructure and seeking licenses from the scratch.
With all of that, we should now hope for more, and lookout for other tech solutions from other innovators.
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