New app look, SME lending, Fintech-as-a-service – Flutterwave launches new products
Pan-African fintech Flutterwave has announced a rebrand of its logo and dashboard as well as the addition of small business lending, Fintech-as-a-Service (FaaS), and more to its suite of offerings, according to techcabal.com.
The announcement comes soon after Flutterwave confirmed it had raised USD 250 million in a Series D round that tripled the company’s valuation to over USD 3 billion. The company facilitates cross-border payments transactions of small-to-large businesses in Africa via one API.
In a virtual event themed Flutterwave 3.0, the Africa-based startup and payments company rolled out a series of products and services including FaaS services for embedded finance, SME loans for its users, card issuance for a wide array of clients while announcing the addition of Apple Pay and Google Pay to its payment options.
During the Flutterwave 3.0 event, streamed across Youtube, the brand launched a series of products, including;
– A Fintech as a Service (FaaS) solution which helps startups of all sizes quickly become Fintech companies using Flutterwave’s pre-built API and solutions.
– Capital, a technology platform for businesses & consumers to access Buy Now Pay Later (BNPL) & Merchant lending from regulated and certified credit providers.
– Grow, a B2B product that helps entrepreneurs easily incorporate their businesses globally.
– Checkout, a new checkout experience that is 5x faster, reducing drop-off by 60%.
– Card issuing, technology platform to enable businesses to issue both Mastercard virtual and physical debit/prepaid cards to their customers in partnership with Mastercard. These solutions remain subject to regulatory approval.
Additional improvements to existing products include; a new powerful dashboard, Barter v4, and an AI-powered compliance process. The Flutterwave visual rebrand comes with 6 new primary colours which depict creativity, motivation, passion, ease, robustness and eagerness.
Flutterwave Capital, the new SME loans product, 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 new product will enable businesses to ‘access loans without collateral, cumbersome documentation, and other stringent terms and conditions,’ a blog post on Flutterwave’s website reads. Currently, only Flutterwave businesses in Nigeria can access loans but the company says it is working to make it available to its businesses in South Africa, Kenya, and other markets where it operates.
As regards the Fintech-as-a-Service solution, Flutterwave is opening up its infrastructure to allow other companies to use its APIs to embed financial capabilities into their existing applications, products, and services. Flutterwave’s FaaS service provides a tech stack that includes KYC, account opening, debit card issuance, payments, and real-time transfers through a single endpoint, account servicing, and compliance.
The solution helps companies bypass the work of building the infrastructure, integrating multiple, disparate financial systems, licencing, and compliance required in building and offering consumers digital financial services.
Flutterwave also helps businesses outside Africa expand their operations on the continent with an international clientele that includes Booking.com, Flywire, and Uber.