Flutterwave, the leading payments company in Africa, has reaffirmed that its eagerly awaited Initial Public Offering (IPO) will only take place once the firm becomes profitable.
According to a Bloomberg report, the company’s CEO and co-founder, Olugbenga Agboola, made this clear in a recent interview, stressing that profitability is still its top priority.
“For a company operating in Africa, that’s a no-brainer; profitability is very important,” Agboola said, adding that the focus at the moment is “how do we build a profitable, resilient and scalable business.” He issued no hint about the timing of his firm’s anticipated IPO.
He added that carefully timing the public listing is important for making sure “we’re delivering long-term sustainable value to our stakeholders,” in addition to being ready for regulations.
Ambitious Plans Marred By Allegations
In 2022, Flutterwave announced plans to go public on the Nasdaq stock exchange. However, the company temporarily halted the plans to address allegations of workplace harassment and financial impropriety. It also wanted to fill important executive positions following the departure of some of its personnel. The company also denies all allegations of financial misconduct. Agboola had previously called the claims of harassment “very, very isolated.”
Flutterwave has managed to significantly increase its market presence despite delaying its IPO. The company has expanded its services to 35 African nations since its founding in 2016 and handled over 630 million transactions totaling $31 billion.
The company was valued at $3 billion in January 2022 after an investment round. In addition, last year Flutterwave expanded its remittance operations in the US by obtaining more than 30 new licenses. “Now, Flutterwave offers remittance services to Africa from the UK, all 50 US states, and every EU country,” Agboola said.
He said that it currently provides services for sending money to Africa in the UK, more than 50 US states, and all EU countries.
Economic Reforms in Nigeria
As diligently reported on 9am News Nigeria, President Bola Tinubu has instituted a series of economic reforms since taking office in May 2023. The Federal Government aims to encourage investments from the roughly 20 million Nigerians living abroad.
Flutterwave’s primary business is still enterprise payments, but the company is seeing a sharp increase in foreign remittance payments as a result of Nigeria’s recent economic measures such as the devaluation of the naira.
“Remittances are increasing rapidly. As a firm, we are still investing. Naturally, we want to continue growing the company,” Agboola stated.
Flutterwave has recorded a significant rise in income due to its expansionary moves. Agboola revealed that his firm has seen a 50% increase in its income in 2025, compared year-on-year to 2024.
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