Flutterwave, Africa’s leading payments firm, has reiterated that its much-anticipated initial public offering (IPO) will only take place when the company achieves profitability.
The fintech giant, which has long been eyeing a public listing on the Nasdaq stock exchange, is prioritizing financial sustainability before making a move to the stock market.
In a recent interview with Bloomberg, Flutterwave’s co-founder and Chief Executive Officer, Olugbenga Agboola, reaffirmed that profitability remains the company’s top priority.
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“For a company operating in Africa, that’s a no-brainer; profitability is very important,” Agboola stated.
He further emphasized that the company’s focus is on building a resilient and scalable business rather than rushing into an IPO.
“Right now, the focus is: ‘How do we build a profitable, resilient, and scalable business?’” he said, declining to provide a specific timeline for the public listing.
According to Agboola, the decision to go public is not just about regulatory preparedness but also about ensuring that Flutterwave delivers “long-term sustainable value to our stakeholders.”
Flutterwave first announced plans to list on the Nasdaq stock exchange in 2022. However, those ambitions were put on hold amid a series of controversies that rocked the company’s reputation. That year, the company faced multiple allegations, including claims of financial impropriety, fraud, and workplace harassment. The fintech firm has repeatedly denied any wrongdoing, with Agboola describing the harassment allegations as “very, very isolated.”
At the height of these controversies, a report raised concerns that Flutterwave had exaggerated its valuation, calling into question the company’s financial transparency. The report noted that if examined by the U.S. Securities and Exchange Commission (SEC), Flutterwave would not qualify for an IPO. This revelation cast doubt on the company’s ability to proceed with its public listing plans.
These issues, coupled with regulatory scrutiny in key markets such as Kenya, where Flutterwave’s accounts were frozen over money laundering allegations (which the company denied), forced the fintech firm to take a step back and reassess its priorities. Instead of pushing forward with its IPO, Flutterwave turned its attention to addressing internal governance issues, bolstering compliance frameworks, and strengthening its leadership team after several key executive departures.
However, Flutterwave has continued to grow its market presence aggressively. Since its launch in 2016, the company has expanded operations to 35 African countries and has processed more than 630 million transactions worth $31 billion.
In January 2022, a major funding round saw Flutterwave’s valuation triple to $3 billion, cementing its status as one of Africa’s most valuable startups. Additionally, in a bid to bolster its remittance business, Flutterwave secured over 30 new licenses in the United States last year.
Agboola highlighted the company’s growing remittance business, noting that Flutterwave now facilitates fund transfers to Africa from the United Kingdom, all 50 U.S. states, and every European Union nation.
Nigeria’s Economic Reforms and Rising Remittance Growth
Flutterwave’s increasing focus on remittances comes amid shifts in Nigeria’s economy. Since assuming office in May 2023, President Bola Tinubu has introduced several financial reforms, including the floating of the naira and policies aimed at attracting investments from the estimated 20 million Nigerians in the diaspora.
These changes have had a significant impact on Flutterwave’s business. While enterprise payments remain its core operation, the company is witnessing a surge in remittance transactions.
“Remittances are growing really fast. We are still investing as a company. Our goal is obviously to keep on scaling the business,” Agboola noted.
The fintech firm has also reported a sharp increase in revenue. According to Agboola, Flutterwave’s revenue jumped by approximately 50% in the first half of 2024 compared to the same period in 2023.
By prioritizing profitability, Flutterwave aims to reassure investors that when it eventually goes public, it will do so from a position of strength. However, questions remain about whether the company has fully resolved the governance concerns that previously cast a shadow over its operations.