Olugbenga Agboola, the founder of Flutterwave, sets out on a mission to find the secrets of success. As a ‘pioneer in providing low-cost international payment solutions,’ Agboola’s company manages over $2.5 billion in transactions per year for its customers, with an impressive growth rate of an average of 45% annually.
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- Career Journey and Startup Experience
Born and raised in Nigeria, Olugbenga Agboola was motivated by his father to go into business. Before launching his own company, he worked for several years with multinational corporations, including Accenture. Agboola launched Flutterwave in 2013, and the company was an immediate success. Today it manages over $2.5 billion in transactions per year for its customers, with an impressive growth rate at an average of 45% annually. I
- Angels and Accelerators
Agboola is a self-starter who has learned much about entrepreneurship through his experiences with different founders and investors. He has made many contacts with institutional angel investors, where he gained valuable insights into starting and running a company. In 2013, he applied to Y Combinator’s summer program, inviting founders from around the world to stay in Silicon Valley for three months. Agboola’s team was one of those selected for the program. Two years later, he was invited to speak at the program and other startup events in the San Francisco Bay Area. One of those presentations garnered attention from venture capital funds and agencies. Olugbenga Agboola is not the only serial entrepreneur to be invited by Y Combinator. In fact, in 2017, Flutterwave was one of the two African startups chosen for a pilot program known as the Y Combinator Continuity Fund.
- Partnerships and entrepreneurship communities
Flutterwave was accepted into the Apollo 20 program, a partnership between US investors, Silicon Valley entrepreneurs, and African companies. This has led to more than 100 jobs across Africa and generated $500 million in capital for African ventures. Flutterwave is one of Africa’s largest mobile payment platforms and provides cross-border payment services. In addition to this program, Flutterwave was picked by Endeavor as an emerging business mentor. Endeavor is a global investor interested in fostering entrepreneurship and investment opportunities in emerging markets. Flutterwave is also actively involved in the Nigerian entrepreneurial community and contributes to the National Youth Programme, which aims to create employment opportunities for young Nigerians.
- What’s next after Series C?
As the company’s revenue surpassed $100 million, Agboola and his team began investing in the business. Furthermore, they are launching a new product to provide secure mobile phone communication. With the continuous success of Flutterwave, Agboola remains optimistic about his company’s growth and believes that ‘more people will discover our secure phone messaging platform.’
Olugbenga Agboola is a serial entrepreneur who has launched and grown three companies. His most current venture, Flutterwave, is predicted to make about $500 million in revenue in the next five years. Agboola is also an entrepreneur, coach, mentor, and CEO of several businesses. As the founder and CEO of Flutterwave, Agboola has been named one of Forbes Africa’s ‘Top 30 Under 30.’