Flutterwave, Africa’s largest start-up and pan-African payments company, is moving forward with its plans for an initial public offering (IPO) after making progress in addressing allegations of financial impropriety in Kenya. The CEO, Olugbenga Agboola, stated that the resolution of these issues will enable Flutterwave to access more and larger international partners.
- Agboola dismissed accusations of refusing to honor former employees’ stock rights and allegations of harassment and bullying, considering them to be isolated cases that won’t affect the planned share sale. The company has obtained approval for the initial step of securing the right to operate in Kenya, a crucial market in Africa.
- Going public is expected to attract large global clients who require a high level of compliance and a global perspective, which Flutterwave aims to provide.
- Since its establishment in 2016, Flutterwave has rapidly expanded and now operates in approximately 30 African countries. The company has raised significant funding, including a funding round in January of the previous year that tripled its valuation to $3 billion.
- Flutterwave has received investments from venture capital firms such as Tiger Global Management and collaborates with notable companies like Alibaba’s Alipay, Uber Technologies, and Netflix.
- While the current market conditions may pose challenges, including the volatility of Nigeria’s naira, Flutterwave remains committed to scaling up governance and preparing for an IPO, potentially in New York and Nigeria.
- Flutterwave has witnessed substantial growth in its payment processing business, with a 23-fold increase in the first half of this year compared to the same period in 2022 through its payments app, SendApp. Payments through point-of-sale devices and revenue in the small and medium business unit have also experienced significant growth.