Flutterwave IPO plans remain uncertain as the company prioritizes profitability before going public. CEO Olugbenga Agboola reaffirmed this in a recent Bloomberg interview, emphasizing the importance of financial resilience.
“For a company operating in Africa, that’s a no-brainer; profitability is very important,” Agboola stated. He added that the focus is on building a scalable and resilient business. However, he did not provide a specific IPO timeline.
Flutterwave’s Initial Public Offering (IPO) History
Flutterwave first announced plans to list on the Nasdaq stock exchange in 2022. However, the company delayed the move due to concerns over financial impropriety and workplace harassment allegations. Leadership transitions also contributed to the postponement.
Despite these setbacks, Flutterwave has expanded its operations. Since launching in 2016, the company has entered 35 African markets and processed over 630 million transactions worth $31 billion.
Expansion and Market Growth
In 2022, Flutterwave’s valuation tripled to $3 billion following a funding round. The company also secured more than 30 new licenses in the US to support its remittance business. Agboola highlighted that Flutterwave now facilitates remittances from the UK, all 50 US states, and every EU country.
Nigeria’s Economic Reforms and Fintech Growth
President Bola Tinubu’s economic policies have influenced fintech growth in Nigeria. Reforms such as floating the naira and encouraging diaspora investments have boosted digital payments.
While enterprise payments remain Flutterwave’s primary business, remittances are growing rapidly. Agboola noted a sharp increase in revenue, with a 50% jump in the first half of 2024 compared to the previous year.
As Flutterwave IPO plans evolve, the company remains focused on profitability and long-term growth.
