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Flutterwave to go Public on Nasdaq Through Initial Public Offering

Flutterwave, a Nigerian financial service firm is set to be listed on the second largest stock exchange in the world ‘Nasdaq’

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Flutterwave - Investors King

Flutterwave, a Nigerian financial service firm is set to be listed on the second largest stock exchange in the world ‘Nasdaq’.

Founded in 2016, Flutterwave enjoys enormous patronage in Africa, especially in Nigeria. With a current market valuation of over $3 billion, Flutterwave is the most valued African Startup and a leading force in the African fintech industry. 

Since its establishment, Flutterwave has processed more than 200 million transactions valued at over $16 billion across 34 countries in Africa with a customer base of almost a million. 

Although the company was recently in the news for regulation discrepancies and financial impropriety in Kenya, it is however unperturbed. 

The Lagos and San Francisco-based unicorn company has denied any allegation of financial malfeasance.  It hoped that the listing on Nasdaq through an initial public offering (IPO) will help the company to scale up its business and further exploit the African market. 

Flutterwave will use the proceed from the initial public offering to expand its operation in Africa, grow its cross-border payment and begin its lending services in Nigeria. 

It intends to provide collateral-free loans of up to two million naira to businesses in Nigeria. 

According to the Chief Financial Officer of the company, Oneal Bhambani Flutterwave has “attractive market potential and opportunity to do so now. We are a growth company, and we have a tremendous opportunity to invest and really develop solutions for the largest enterprises in the world that transact in Africa” 

Once listed, Flutterwave will join a short list of African companies that has been listed on Nasdaq. Nasdaq has a very stringent regulation requirement which could be difficult for several Africa-based companies.

Some of these requirements include 1,250,000 publically traded shares outstanding upon listing and aggregate pre-tax earnings in the previous three years of at least $11 million.

Although a listing date is yet to be announced, a successful listing of Flutterwave on Nasdaq will position the company for its next phase of growth and also create an opportunity for any interesting individual to invest in the company.

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Fintech

NowNow CEO And Co-Founder Sahir Berry Emerges as The Fintech Leader of The Year

Sahir Berry has bagged the fintech leader of the year award at the recently concluded 2022 leaders in fintech awards

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NowNow

Chief Executive Officer and Co-Founder of NowNow Sahir Berry has bagged the fintech leader of the year award at the recently concluded 2022 leaders in fintech awards.

Sahir was awarded the highest honor in acknowledgment of his innovative and leadership skills that have driven his Fintech company to deliver high-capacity services through its digital payments services, security innovation, and SME ‘Business in a Box’ solution; to boost financial inclusion across Africa.

NowNow is a unified commerce fintech platform that facilitates instant payments in Nigeria. It also gives customers control over how they spend their money.

Expressing his gratitude for being awarded the fintech leader of the year, Sahir said: “It brings me immense pleasure and honor to receive this distinguished award, on behalf of not only myself but the entire NowNow team.

“Since we began our journey, NowNow has championed innovation and operational excellence, working relentlessly to carefully construct a dynamic ecosystem of financial solutions, products, and services for our consumers.

“We are thrilled to see our work and achievements being honored for its innovative technology solutions, a clear testament to how much NowNow resonates with consumers, enterprises, and agents in pushing the boundaries of financial inclusion.

“As we go on, we promise to continue creating solutions spanning digital banking, personal finance, lending, payments, and investments that revolutionize our financial ecosystem.

This award comes a year after NowNow was named the “Best Mobile Fintech Solution” at the 2021 Leaders in Fintech awards for its exceptional results in helping the financial services industry move forward through innovations.

It should be recalled that on September 8, 2022, Investors King reported that NowNow raised $13 million in a seed round to deepen financial inclusion across Africa by providing financial services to the unbanked and underbanked.

The fintech startup also disclosed its plans to use the funds to drive financial empowerment, as well as introduce new products that will further enhance its already existing consumer banking, agency banking, and merchant payment solutions. 

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OPay, Paga, Others Makes CB Insights List of Promising Fintech Startups 2022

Nigerian-owned fintech startups, OPay, Paga and TeamApt make the annual CB Insights 250 list of promising fintech startups for 2022.

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fintech - Investors King

Nigerian-owned fintech startups, OPay, Paga and TeamApt make the annual CB Insights 250 list of promising fintech startups for 2022.

In the annual list, The Fintech 250, which comprises of 250 most promising private fintech companies in the world, OPay was ranked fourth out of the six African Fintech startups that made the list, with total funding of $570 million.

Paga and TeamApt with total funding of $38 million and $58 million were listed fifth and sixth, respectively

Jumo, a leading South Africa mobile payments company for banks and network operators, came first with $267 million. KuCoin, a cryptocurrency exchange platform registered in Seychelles, with $180 million in total funding was ranked second on the list of six most promising African fintech startups.

MFS Africa, a fintech company that connects service providers and customers in South Africa, with $281 million total estimated funding.

According to CB Insights, this year’s winners were chosen based on factors like proprietary Mosaic scores, funding, market potential, business relationships, investor profile, news sentiment analysis, competitive landscape, team strength, and tech novelty.

In addition, the report also noted that factors such as rising inflation, interest rate hikes, and struggling public tech stocks have made it more difficult for new and emerging fintech startups to make a dent in the already maturing fintech market.

OPay, Nigeria-Chinese owned most capitalised firm on the list, raised the most money but factors like the high inflation rate of 20.52%, interest rate of 15.5% and a weak local currency impacted the company’s ranking on the list. 

The same goes for MFS Africa, ranked below Jumo and KuCoin.

Paga is a leading mobile money company that is building an ecosystem to enable people to digitally send and receive money, and creating simple financial access for everyone.

TeamApt is Nigeria’s largest business payments platform, supporting over 400,000 businesses to get paid; processing $100 billion annualized run-rate transaction value, via its products – Moniepoint and Monnify.

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Sofri Partners CarePay to Commemorate Independence Day with Discounted Healthcare Services

Sofri partners with CarePay to offer discounts up to 37.5% on healthcare services

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Sofri, a financial product of Links Microfinance Bank (member, DLM Capital Group), in partnership with CarePay, a healthcare fintech in commemoration of Nigeria’s 62nd. Independence celebration is offering Nigerians, discounts up to 37.5% on healthcare services.  

In partnership with CarePay, Sofri will provide all its Mastercard debit card users up to 37.5% discounts at over 300 CarePay healthcare provider locations across Nigeria. Some of the participating healthcare providers include MedPlus, HealthPlus, Synlab, Smile 360 Dental, Reddington Hospital Group, Outreach Hospital Group, Lily Hospital Group, Paelon memorial, Subol hospital, Bee-Hees Hospital, Exclusive Dental, Amara Medicare, Shield specialist hospitals, Pure Snow Dental, Bethel Dental, Optilens eye clinic and many more.

The Managing Director, Funsho Idowu, stated that the discounted healthcare services are part of the corporate social responsibility initiative of Sofri towards fostering increased accessibility and affordability of healthcare services for Nigerians. “It is very disheartening to find that many Nigerians cannot afford the healthcare services they need so we have partnered with CarePay to offer our Sofri Mastercard debit cardholders up to 37.5%discount on the CarePay discount card preferred provider network beginning from 1st October. This is a bold CSR project for our brand, and we are committed to making a significant impact on the healthcare and wellbeing of our customers.

CarePay’s Managing Director, Yomi Sule, remarked that the brand is delighted to work with Sofri to offer Nigerians affordable healthcare services in celebration of Nigeria’s Independence. “There is no minimum spend and requirement and the discounts apply to all services and medical products offered by the healthcare merchants,” he further explained.

To access the offer, customers must download the Sofri app, sign up for a Sofri debit card, and visit the brand’s social media (@banksofri) to access the list of CarePay healthcare merchant locations they can visit around them.

Sofri offers loans, savings, investment, and payment services to all Nigerians.  CarePay’s healthcare discount business model allows financial services enterprises to embed healthcare benefits such as discounts, cashbacks, and telehealth into their value proposition to drive affordability of healthcare services for their customers and brand loyalty for the enterprises.

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