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Nigeria’s Flutterwave, Only Africa-Focused Company Listed on CNBC’s 2024 Disruptor 50 List

Nigeria’s Flutterwave, Only Africa-Focused Company Listed on CNBC’s 2024 Disruptor 50 List

Flutterwave, only Africa-focused company to make CNBC’s 2024 Disruptor 50 List Flutterwave, Africa’s leading payment technology company, has earned a spot on the prestigious 12th annual CNBC Disruptor 50 list alongside companies like OpenAI, Stripe, and Monzo.

This recognition underscores its innovation and expansion, achieved amidst challenging market conditions and economic downturns. The list features 50 companies with 39 of those companies having a majority of their operations and market in the US. Other 11 other companies in the list either have shared operations between the US and other countries or are based in France, the UK, Australia, Canada, Mexico, Sweden, and Israel.

The CNBC Disruptor 50 list is renowned for spotlighting private enterprises that shake up traditional industries and chase substantial opportunities. Criteria such as scalability, user growth, and use of breakthrough technologies are key factors in the selection process, making Flutterwave’s inclusion a testament to its groundbreaking advancements in the fintech sector.

CityBlock, the healthcare technology provider based in Brooklyn, US, with an American-born Nigerian CEO, Toyin Ajayi, also made the list. Flutterwave, Africa’s largest payment processor, made the list in 2021 at 21st and has since moved up 7 places to 14th in 2024. AI companies dominated the Disruptor 2024 list as OpenAI, became the first company to maintain a first position in concurrent years.

About two-thirds of the 50 companies consider AI as being critical to their business while 13 of the companies consider themselves generative AI companies. The 2024 Disruptors have raised $70bn at a total implied valuation of $436bn.

In the pursuit of innovation, Flutterwave has launched a series of innovative products, among them the flagship Flutterwave for Business solution to equip enterprise businesses with all the necessary resources to manage and expand their operations seamlessly in Africa. Additionally, Flutterwave has unveiled Send App which helps the African diaspora to send money to the continent and a currency exchange solution, Swap built in partnership with Kadavra BTC and Wema Bank.

Further solidifying its position as a leader in the industry, Flutterwave has expanded its collaboration with Air Peace, Nigeria’s leading airline, serving as the trusted payment partner of choice, cementing its role as the preferred partner for Air Peace’s flagship Lagos to London routes. Earlier in 2023, Flutterwave collaborated with IATA, the global airlines alliance as a payment’s provider for Africa. Moreover, Flutterwave has maintained a longstanding partnership with Uber, helping the ride-hailing giant scale across Africa via one payment integration.

In response to the announcement, Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, conveyed the company’s gratitude for being included in the esteemed CNBC Disruptor 50 list for 2024, expressing, “We are deeply honored to be acknowledged among the esteemed companies on CNBC’s Disruptor 50 list for 2024. Our mission has always been to empower businesses of all scales, and to be recognised as a disruptor in our field is a testament to the unwavering dedication of our team.

“Looking ahead, our aim is to continue excelling in every aspect, from product innovation to enhancing customer experiences, ensuring that we pave the way for endless possibilities for both our clients and their customers. Remaining steadfast in our commitment to innovation and expanding our product portfolio, our overarching mission is to become the preferred payments partner for international and multinational enterprises seeking to extend their footprint in Africa and beyond. We are confident in our strategic positioning to assist them in realising this ambition.”

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