Fintech startup Flutterwave has launched a partnership with Visa for a consumer-friendly payment product called GetBarter for use in the African market, Techcrunch reports.
Consumers using the app can make both domestic and cross-border payments in Africa. According to the outlet, GetBarter allows current Visa cardholders to send and receive funds at home and abroad. Non-cardholders can get in on the action with a virtual Visa card linked to the app.
GetBarter is a departure from Flutterwave’s previous B2B focus on large companies and enables them to draw African consumers and traders to the platform.
Their strategy to-date has proved to be a winning formula. Company data reveals that Flutterwave has processed 100 million transactions worth $2.6 billion since its launch in 2016.
TechCrunch lists Uber, Facebook, Booking.com and African e-commerce unicorn Jumia.com as among its customers and the company has raised $20 million from investors.
“Rave is B2B, this is more B2B2C since we’re reaching the consumers of our customers,” Flutterwave CEO Olugbenga Agboola — aka GB — told TechCrunch.
The app was designed in mind to streamline payments for clients who juggle multiple financial problems, such as Kenyan mobile money service M-Pesa.
“The target market is pretty much everyone who has a payment need in Africa. That includes the entire customer base of M-Pesa, the entire bank customer base in Nigeria, mobile money and bank customers in Ghana — pretty much the entire continent.”
“The target market is pretty much everyone who has a payment need in Africa. That includes the entire customer base of M-Pesa, the entire bank customer base in Nigeria, mobile money and bank customers in Ghana — pretty much the entire continent,” Agboola explained to TechCrunch.
TechCrunch says that Flutterwave and Visa’s user acquisition plans for GetBarter will begin with mobile money and bank clients in Kenya, Ghana, and South Africa, but eventually will include growth across the continent including the financially underserved. Fees from financial institutions on cards created and on fees per transaction will comprise GetBarter’s revenue.
“In phase one we’ll pursue those who are banked. In phase two we’ll continue toward those who are unbanked who will be able to use agents to work with GetBarter,” Agboola said.