Flutterwave, Africa’s finest startup, is shutting down Barter, a virtual card provider it launched in 2017, because it makes a speciality of its challenge and remittance industrial segments. The fintech really handy prospects to withdraw their money within the app over the past month.
“The decision to sunset Barter turned into once based on a comprehensive diagnosis of market traits and evolving buyer needs,” the fintech shared in a mail with TechCabal.
Flutterwave is doubling down on confirmed winners by focusing on remittance and challenge. In October, the fintech really handy TechCabal challenge companies and products turned into once its finest income driver. In comparability, Barter finest accounted for approximately 1% of the firm’s $2 billion-value transactions, one in every of the firm’s cofounders really handy Quartz Africa in 2018.
“While retail stays necessary to us, our on the spot focal point is optimizing companies and products for firms and remittance solutions,” the firm acknowledged.
Meanwhile, Flutterwave’s remittance products, Ship and Swap, goal to capture a critical market half in Africa’s $54 billion remittance market. It’s far unclear how powerful progress each and every products agree with made.
Read also: Flutterwave’s recent product Swap must resolve Nigeria’s FX concerns
Barter is a storied product. When it launched in 2017, it turned into once one in every of the critical tech startups to produce Nigerians the skill to construct up world payments.
“Barter will leverage on Flutterwave’s virtual card API and platform to enable customers accumulate an numerous decision of virtual dollar playing cards for single or repeat transactions,” acknowledged a TechCabal Everyday announcing its launch in March 2017. But the product has viewed its half of troubles.
In 2022, Barter turned into once unavailable for weeks this potential that of “an change from the firm’s card associate.”That associate turned into once Union54, the Zambian card issuer that bought hit with a $1.2 billion chargeback fraud strive.
Customers also complained about downtime disorders with the platform and card rejections by retailers, in conjunction with Netflix, Fb, PayPal and Apple Music.
Read also: Flutterwave appoints Olajumoke Adenowo as board member as fintech massive pursues world growth