Flutterwave, the payment-centric fintech company in Africa, has publicly announced its acquisition of payment licenses for 13 states in the United States. This move is in a bid for the company to assert dominance in the remittance market across Africa.

The remittances from Africans residing in the diaspora, particularly in the United States, have witnessed substantial growth in recent years. FXC Intelligence data reveals that the value of remittances to Africa surged from $31 billion in 2010 to $43.8 billion by 2022. Nigeria stands among the top global recipients of remittances, receiving $19.3 billion in 2022. This market’s expansion has attracted investments from various players, including banks and financial institutions expanding their business operations to encompass this growing sector.

Having facilitated over 550 million transactions, amounting to over $32 billion, and catering to more than two million businesses, Flutterwave boasts widespread infrastructure spanning 34 African nations. The recently acquired licenses further extend the company’s reach, particularly in a crucial market – the United States of America. Additionally, there are plans for Flutterwave to transition into a publicly listed entity on the New York Stock Exchange (NYSE).

The newly acquired licenses authorize Flutterwave to conduct operations in Arizona, Arkansas, Maryland, Michigan, Delaware, Georgia, Maine, Mississippi, Missouri, New Hampshire, Iowa, North Dakota, and South Dakota. In conjunction with an ongoing collaboration with a licensed financial institution, the company is now equipped to cater to customers in 29 states within the U.S.

According to a statement by the company, money transfer licences are issued by state regulators to allow financial technology companies to engage in the transmission of money.

“These licences enable Flutterwave’s solutions like Send App, which facilitates money transfer between the U.S. and Africa, and enterprises that use Flutterwave for last-mile payout globally,” it said.

The company currently excels in global payment processing across 150 currencies, offering various payment methods such as local and international cards, mobile wallets, and bank transfers. With a presence in more than 34 African countries, including Nigeria, Uganda, Kenya, and South Africa, the fintech giant is poised to establish dominance in the industry.