Flutterwave, having recently introduced the Send App for cross-border money transfers, has successfully obtained money transfer licenses for 13 U.S. states. This strategic move aims to facilitate faster, more affordable, and secure money transfers between the United States and Africa.
The acquired licenses span various states, including Arizona, Arkansas, Maryland, Michigan, Delaware, Georgia, Maine, Mississippi, Missouri, New Hampshire, Iowa, North Dakota, and South Dakota.
This development, combined with Flutterwave’s existing partnerships and licensed affiliations, positions the company to serve customers in 29 U.S. states.
It also empowers platforms like Send App and other enterprises utilizing Flutterwave for global final-stage payouts.
Stephen Cheng, Executive Vice President of Global Expansion and Partnership at Flutterwave, emphasized that this license acquisition broadens the company’s regulatory reach, showcasing its commitment to delivering services securely and fostering trust among regulators, partners, and customers.
Cheng reiterated Flutterwave’s dedication to meeting customer needs across diverse geographies, particularly those with a significant African diaspora.
The acquired licenses underscore the company’s collaboration with regulators, adherence to market requirements, and the assurance of customer fund safety.
The recently launched Send App, formerly known as $end, has expanded its services to include money transfers from the United States and Canada to new recipient countries such as Senegal and Egypt.
Additionally, the appointment of Jimmy Ku as the Head of U.S. Growth reflects Flutterwave’s plans to offer payment services to U.S.-based clients, following a successful $170 million Series C funding round in March 2021.
For both users and Flutterwave, this development in cross-border payments signifies a mutually beneficial scenario.
The company’s expanded regulatory footprint ensures broader coverage, reaching more destinations and states.
Simultaneously, users gain increased choices for global money transfers, with the ability to send and receive money across more than 35 countries.
In September 2023, Flutterwave received approval from the Reserve Bank of Malawi to operate as an International Money Transfer Operator (IMTO) in Malawi.
As the company gears up for an impending IPO, it has also secured a switching and processing license from the Central Bank of Nigeria, further solidifying its position in the financial landscape.
