On the 23rd of February 2022, Olugbenga Agboola, the CEO of Flutterwave, a Nigerian fintech company, rang the closing bell at the New York Stock Exchange (NYSE). Flutterwave’s listing on the NYSE was one of the biggest IPOs by an African company in history, with the company raising $2.5 billion in the process. The IPO was oversubscribed, with the company’s shares trading at a 30% premium on the first day of trading.
Agboola, who co-founded Flutterwave in 2016, was born in Nigeria and grew up in Lagos. He holds a Bachelor’s degree in Computer Science from Obafemi Awolowo University and a Master’s degree in Information Technology from the University of Lagos. Prior to founding Flutterwave, Agboola worked for companies such as PayPal, Google, and Standard Bank, gaining valuable experience in the fintech industry.
Flutterwave was created to solve the payment infrastructure problems that existed in Africa. The company provides payment solutions for businesses and individuals across the continent, enabling them to send and receive payments from anywhere in the world. Flutterwave has processed over 140 million transactions since its inception and has partnered with major companies such as Uber, Facebook, and Flywire.
The company’s IPO was a significant milestone for the African fintech industry, which has seen tremendous growth in recent years. According to a report by Disrupt Africa, African fintech companies raised a record $1.3 billion in funding in 2021, with Nigeria and South Africa leading the way. The success of companies such as Flutterwave is indicative of the potential that exists in the African fintech industry.
In an interview with CNN, Agboola expressed his belief that Flutterwave’s success could inspire other African entrepreneurs to pursue their dreams. He also highlighted the importance of creating opportunities for others, saying, “It’s important that we, as Africans, create opportunities for other Africans. It’s important that we build things that can inspire the next generation.”
Agboola’s appearance at the NYSE closing bell ceremony was a proud moment for him and for the African fintech industry as a whole. It demonstrated the potential for African companies to compete on a global stage and attract significant investment. Agboola’s message to other African entrepreneurs was clear: with hard work and determination, anything is possible.
Flutterwave’s success has not gone unnoticed, with the company receiving accolades such as being named in Time Magazine’s 2021 list of the 100 Most Influential Companies in the World. The company has also been recognized by Forbes, Quartz Africa, and other prominent media outlets.
Looking ahead, Flutterwave plans to use the funds raised from its IPO to expand its operations across Africa and beyond. The company is already present in 20 African countries and plans to expand into more markets in the future. Flutterwave also aims to develop new products and services that will further improve the payment infrastructure in Africa and make it easier for businesses and individuals to transact.
In conclusion, Olugbenga Agboola’s appearance at the NYSE closing bell ceremony marked a significant milestone for Flutterwave and for the African fintech industry as a whole. The success of Flutterwave’s IPO is indicative of the potential that exists in the African fintech industry and demonstrates that African companies can compete on a global stage. Agboola’s message to other African entrepreneurs was clear: with hard work and determination, anything is possible. Looking ahead, Flutterwave plans to use the funds raised from its IPO to expand its operations across Africa and beyond, developing new products and services that will further improve the payment infrastructure in Africa.