Flutterwave shuts down Barter as it refocuses on enterprise and remittance business

Fintech giant Flutterwave is shutting down Barter, a virtual card service it launched in 2017, as it focuses on its enterprise and remittance business segments.

Flutterwave shuts down Barter as it refocuses on enterprise and remittance business


Click the link to join the registration on WhatsApp: https://chat.whatsapp.com/KThkuZlWaTcCu3iJHGBmLM


Click the link to join the registration on WhatsApp: https://chat.whatsapp.com/KThkuZlWaTcCu3iJHGBmLM


Click the link to join the registration on WhatsApp: https://chat.whatsapp.com/KThkuZlWaTcCu3iJHGBmLM

Flutterwave, Africa’s biggest startup, is shutting down Barter, a virtual card service it launched in 2017, as it focuses on its enterprise and remittance business segments. The fintech told customers to withdraw their money in the app over the past month. 

“The decision to sunset Barter was based on a comprehensive analysis of market trends and evolving customer needs,” the fintech shared in a mail with TechCabal. 

Flutterwave is doubling down on proven winners by focusing on remittance and enterprise. In October, the fintech told TechCabal enterprise services was its biggest revenue driver. In comparison, Barter only accounted for about 1% of the company’s $2 billion-worth transactions, one of the company’s cofounders told Quartz Africa in 2018. 

“While retail remains important to us, our immediate focus is optimizing services for businesses and remittance solutions,” the company said.

Meanwhile, Flutterwave’s remittance products, Send and Swap, aim to capture a significant market share in Africa’s $54 billion remittance market. It is unclear how much progress both products have made. 

Read also: Flutterwave’s new product Swap wants to solve Nigeria’s FX problems

Barter is a storied product. When it launched in 2017, it was one of the first tech startups to offer Nigerians the ability to make international payments. 

“Barter will leverage on Flutterwave’s virtual card API and platform to allow users create an unlimited number of virtual dollar cards for single or repeat transactions,” said a TechCabal Daily announcing its launch in March 2017. But the product has seen its share of troubles.

In 2022, Barter was unavailable for weeks because of “an update from the company’s card partner.”That partner was Union54, the Zambian card issuer that got hit with a $1.2 billion chargeback fraud attempt.

Customers also complained about downtime issues with the platform and card rejections by merchants, including Netflix, Facebook, PayPal and Apple Music. 

Read also: Flutterwave appoints Olajumoke Adenowo as board member as fintech giant pursues international expansion

What's Your Reaction?

like

dislike

love

funny

angry

sad

wow

Keep advertising to get more people

You could reach thousands of more people for every ₦1,000 you spend. https://doacweb.com/advertising

Adverts on doacWeb can be informative, educative or persuasive in nature.

doacWeb Ads is always directed at a broad audience (reaching thousands of people day by day), not few individuals — it deliver your advert to the target audience at the same time. Putting your offer in front of the right people — who have the money and interest in what you sell.

doacWeb Advertising gives you advantage as adverts passes through https://doacweb.com to the internet, reaching millions of people over the internet, and to grow your audience.

Grow your business, Be known, Boost your visibility, Drive engagements, Get new customers and Increase sales.

doacWeb acts as a global advertising media, to let people — individuals — and businesses, to promote and reach more interested people.

Get Started.

WhatsApp: 09031633831

Email: info@doacweb.com
Keep advertising to get more people

You could reach thousands of more people for every ₦1,000 you spend. https://doacweb.com/advertising

Adverts on doacWeb can be informative, educative or persuasive in nature.

doacWeb Ads is always directed at a broad audience (reaching thousands of people day by day), not few individuals — it deliver your advert to the target audience at the same time. Putting your offer in front of the right people — who have the money and interest in what you sell.

doacWeb Advertising gives you advantage as adverts passes through https://doacweb.com to the internet, reaching millions of people over the internet, and to grow your audience.

Grow your business, Be known, Boost your visibility, Drive engagements, Get new customers and Increase sales.

doacWeb acts as a global advertising media, to let people — individuals — and businesses, to promote and reach more interested people.

Get Started.

WhatsApp: 09031633831

Email: info@doacweb.com
Keep advertising to get more people

You could reach thousands of more people for every ₦1,000 you spend. https://doacweb.com/advertising

Adverts on doacWeb can be informative, educative or persuasive in nature.

doacWeb Ads is always directed at a broad audience (reaching thousands of people day by day), not few individuals — it deliver your advert to the target audience at the same time. Putting your offer in front of the right people — who have the money and interest in what you sell.

doacWeb Advertising gives you advantage as adverts passes through https://doacweb.com to the internet, reaching millions of people over the internet, and to grow your audience.

Grow your business, Be known, Boost your visibility, Drive engagements, Get new customers and Increase sales.

doacWeb acts as a global advertising media, to let people — individuals — and businesses, to promote and reach more interested people.

Get Started.

WhatsApp: 09031633831

Email: info@doacweb.com