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Flutterwave Launches Lending Service For Small Businesses

Blessing Osazuwa by Blessing Osazuwa
February 21, 2022
in Trending News
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Flutterwave Launches Lending Service For Small Businesses
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Fintech firm Flutterwave has announced a small business lending, fintech-as-a-service (FaaS) product called Flutterwave Capital. The announcement was made at a virtual virtual event themed “Flutterwave 3.0”.

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The company disclosed that the new SME Loans product, Flutterwave Capital, will enable businesses access loans easily without collateral, cumbersome documentation, and other stringent terms and conditions. Eligible loan applicants can access funds they need in less than 2 business days.

Currently, Flutterwave businesses in Nigeria can access the lending service but the company says it is working to make it available to businesses in South Africa, Kenya, and other markets where it operates.

Flutterwave Capital is offered in partnership with the company’s lending partners—CashConnect Microfinance Bank, MoneyWise Microfinance Bank, Wema Bank, Zenith Bank, Stanbic IBTC Bank, and Sterling Bank.

The startup aims to help companies bypass the often gruelling work of building the infrastructure, integrating multiple, disparate financial systems, licensing, and compliance required in building and offering consumers digital financial services.

The new product launch comes days after the payment solution company raised $250 million in a Series D round that tripled the company’s valuation to over $3 billion. Led by founder and CEO Olugbenga Agboola, Flutterwave facilitates cross-border payments transactions of small-to-large businesses in Africa via one API.

Flutterwave has an infrastructure reach across 34 countries on the continent and processes 200 million transactions worth more than $16 billion. More than 900,000 businesses globally use its solution to process payments in 150 currencies and across different payment modes.

Tags: FaaSFinancial servicesFlutterwaveFlutterwave CapitalLending servicesNigerian fintechs 2022Olugbenga AgboolaSME loans
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