When American Express announced in September its new partnership with Flutterwave, the world took notice of this African-born tech powerhouse. Before it became Africa’s most valuable tech startup, Flutterwave was a humble operation, founded by Olugbenga “GB” Agboola with a bold vision that set it apart from most startups.
“Our vision is to connect all parts of Africa through payments and connect Africa to the world,” Agboola said.
It was a solid goal — ambitious, even. But there was one major challenge: He had to build an e-payments platform from scratch.
Following the Flow of Fintech
Agboola didn’t start out intending to build an e-payments platform. Instead, the Nigeria native went to school for software engineering, and found himself on a fast-track career that saw him rise through the ranks of some of the biggest names in financial technology.
He began at PayPal in the United Kingdom, where he cut his teeth in the world of finance. That experience led him to roles at GT Bank and Standard Bank, before finally coming to work at a section of Google that became Google Wallet. He took each job seriously — working not only to make a good impression on his bosses and clients, but also to absorb the information around him.
After his time at Google, Agboola started a small payments company. Very quickly, Agboola’s company was acquired by one of the major Nigerian banks, where he began working. Although he was well versed in financial technology and entrepreneurship by this time, the job offered him a new perspective. Working closely with multinational clients, Agboola began to see the problems they were encountering as they tried to do business across Africa.
“I recall some of our customers back then were trying to expand across Africa, and it was hard. For me, that was very interesting, because I worked for a bank that was everywhere across the continent. We were the largest bank by footprint, I think, in Africa at that time. And we couldn’t help these customers scale their businesses. It wasn’t because we couldn’t do it. It was because of the regulatory barriers, technology barriers, and the lack of agility on our part to build quickly and scale,” he said. “That was one of the triggers behind Flutterwave. I was wondering, ‘Why can’t we just build this infrastructure? Why, if I want to send money to Ghana, does money have to move from Lagos to New York, and from New York to Ghana?’ It didn’t make sense to me. If you get on a plane from Lagos to Ghana, you get there faster than doing a money transfer. You might as well take the money in a bag and get on a plane.”
Starting Out Right
Agboola wasn’t content to rest on his own knowledge, however. Before launching Flutterwave, he sought the advice of experts in entrepreneurship who had taken big leaps.
He joined networking groups, read everything he could, and listened to words of wisdom that circulated in Silicon Valley circles. He took in everything, from tips on creating a vision to the importance of perspective.
“One thing I think I learned from [startup accelerator] Y Combinator is to make what customers want. So I will evolve that to put your customers at the center of everything that you’re doing. That’s very important, and it’s a long, hard road,” he said. “When I was starting, someone told me it was a 10-year journey. I was like, ‘Nah, 10 years, no way.’… [but] they were right, it’s a 10-year journey. That said, the journey is as important as the destination. Sometimes we optimize for that exit, that end goal, but I think if you get there and by the time you’re there, you are ragged, you are not in any way, shape, or form to actually enjoy that value, then what’s the point? So I think the journey is as equally as important as the destination as well. And also, it’s just a job. That’s important for you to remember. It’s just a job.”
An Eye Toward the Future
After assembling a top-flight team and building a robust platform, Agboola launched Flutterwave in 2016, and it was an immediate success. Within a year, it earned the title of Africa’s Best Fintech Company at the Apps Africa Innovation Awards.
But for Agboola, Flutterwave’s strength isn’t just in its technology or sound business principles; it’s grounded in a set of values that guide both the company’s strategy and the motivations of its employees. His vision for the future of African innovation and self-sufficiency is at the heart of Flutterwave.
“I think that Africa needs to come through for Africa. I believe firmly in that,” Agboola shared. “I believe very strongly in three major pillars for Africa that, if we can do them properly, can unleash the next wave of innovation in Africa — basically payments, commerce, and logistics. If those three are solved, and we are working on the payment side of things, obviously … the next Amazon will be born in Africa in the next 10 years for sure.”
Yet for all his optimism, Agboola is candid about the realities of startup life. Just like his promise to clients, he’s straightforward about the effort that entrepreneurship takes. Founding and scaling a company at this level is not all about grand ideas and overnight successes; it often means confronting setbacks and staying resilient.
He recognizes that, as exciting as the journey is, it also brings days of unexpected struggles and challenges.
“In reality, it’s heavy because a founder’s life is a roller coaster. One day you’re on top of the world; the next, you’re just trying to find air to breathe under the carbon monoxide. That’s the way life works,” he reflected. “But that said, again, the journey is as important as the destination — just have fun. And it’s a job. It’s just a job.”
