Flutterwave anounces it’s new small business lending, fintech-as-a-service (FaaS), rebrand of its logo and dashboard and more to its suite of offerings.
The company which facilitates cross-border payments transactions of small-to-large businesses in Africa via one API announced its new initiatives two days after it raised $250 million in a Series D round that tripled its valuation to over $3 billion.
In a virtual event themed “Flutterwave 3.0”, Africa’s most valuable startup and payments giant 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.
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 “easily access loans without collateral, cumbersome documentation, and other stringent terms and conditions,” a blog post on Flutterwave’s website reads, adding that eligible applicants can access the funds they need in less than 2 business days.
“With Flutterwave Capital, we’re making it easier for business owners to access the funds they require to grow their businesses. Business owners can expand, increase inventory, hire more labour, pay bills, run marketing campaigns, and ultimately grow revenue with these funds,” the company said.
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.
With the Faas, 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,by providing a unified 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 will 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.
Flutterwave also helps businesses outside Africa expand their operations on the continent with an international clientele that includes Booking.com, Flywire, and Uber.
These new set of offerings and features of Flutterwave is in line with its ambitious product expansion drive.