Flutterwave secures licenses to facilitate remittances from US
Flutterwave, the Pan-African fintech company, has recently acquired 13 new money transmission licenses in the United States. With these additional licenses and existing partnerships, Flutterwave is now positioned to facilitate remittances to and from approximately 29 states in the U.S. through its remittance product, Send App.
The states covered by these licenses include Arizona, Arkansas, Maryland, Michigan, Delaware, Georgia, Maine, Mississippi, Missouri, New Hampshire, Iowa, North Dakota, and South Dakota.
Stephen Cheng, Executive Vice President for Global Expansion and Partnerships at Flutterwave, highlighted the significance of obtaining these licenses, emphasizing that it expands the company's regulatory footprint, showcases its ability to provide services with safety and soundness, and enhances trust among regulators, partners, and customers. This move reinforces Flutterwave's commitment to extending its reach and services in the financial space, particularly in remittances.
Key Takeaways
The acquisition of the new money transmission licenses in the United States follows Flutterwave's announcement four months earlier about expanding its cross-border payment offering to the U.S. This strategic move aligns with Flutterwave's commitment to collaborating with regulators in various markets, adhering to their requirements, and ensuring the safety of customer funds. Flutterwave has been proactively obtaining licenses related to remittance, a trend that gained momentum after the fintech faced regulatory challenges in Kenya last year. In November, the Reserve Bank of Malawi issued an International Money Transfer Operator (IMTO) license to Flutterwave. Before that, the company entered into a partnership with IndusInd, the sixth-largest bank in India by assets, to extend its remittance product, Send App, to the South Asian country. Additionally, Flutterwave secured a similar license in Rwanda. These strategic moves underscore Flutterwave's dedication to navigating regulatory landscapes and expanding its remittance services globally.
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