Flutterwave, Microsoft ink 5-year technology deal

Nigerian fintech Flutterwave has signed a five-year technology agreement with tech giant Microsoft. Under the agreement, Microsoft Azure will support and secure Flutterwave payments infrastructure, Flutterwave said in a statement.

With plans to power payments to and from Africa, the partnership provides an opportunity to impact growth across the continent.

"Microsoft has been an invaluable partner, providing a platform that allows us to deliver consistently high-quality services to our clients," said Flutterwave Founder and CEO Olugbenga Agboola.

Microsoft General Manager Mike Gaal said even though the tech company has supported Flutterwave's core operations with Microsoft Azure for many years, the company was excited to further fuel their growth through the collaboration.

Flutterwave, Microsoft partnership to fuel growth

Through this partnership with Microsoft, Flutterwave said it will accelerate the growth of transactions processed on its platform for global clients like Netflix, Uber and Microsoft.

"Microsoft Azure provides us with significant developer leverage, which we harness in service of our clients," said Flutterwave CTO Gurbhej Dhillon.

Dhillon said the company is looking to the future and is excited about the possibilities of scaling with Azure OpenAI Service, which will enable Flutterwave to serve even more merchants worldwide.

"As we manage high-volume payment processing, particularly during peak periods, the robustness, reliability, and scalability of Microsoft Azure become critical. As such, deepening our collaboration with Microsoft is the most logical step forward for us," Agboola explained.

Under the agreement, Microsoft Azure will support and secure Flutterwave payments infrastructure. (Source: Image by prostooleh on Freepik)

The CEO added that the fintech will continue to drive the transformation of global commerce, taking full advantage of the diverse and expanding range of services offered by Microsoft.

"Our mission is to empower every person and every organization on the planet to achieve more. Working with Flutterwave will take us a step closer to achieving our mission in Africa," added Gaal.

Flutterwave's recent headwinds

The company has been in the news in recent times facing some headwinds.

Last year, a Kenyan court froze about $3 million in Flutterwave funds over money laundering and fraud claims, reported Tech Crunch. Flutterwave has still not been cleared by the court, delaying its prospects of getting a license to operate in Kenya.

However, it is not all bad news. In March this year, according to ITWeb Africa, Flutterwave was granted electronic money issuer and remittance licenses by the National Bank of Rwanda after it received another license in Egypt in February.

The fintech has been working toward ensuring that it provides its customers with quality services. In doing this, according to African Tech Startups Funding Report, it raised $250 million in 2022.

Flutterwave has also signed other agreements. In 2021, the fintech partnered with MTN Mobile Money (MoMo) to allow businesses integrating Flutterwave to receive payments via MTN MoMo in Cameroon, Côte d'Ivoire, Rwanda, Uganda and Zambia.

Related posts:

*Top image source: Image by wavebreakmedia_micro on Freepik

— Matshepo Sehloho, Associate Editor, Connecting Africa