Flutterwave has reduce 50% of its employees in Kenya and South Africa to scale back prices and transfer nearer to profitability forward of a possible public itemizing. The transfer, which comes lower than a yr after the corporate laid off 3% of its workforce, impacts a number of departments, with essentially the most impression seen in compliance, authorized, and human assets (HR) groups, in line with individuals conversant in the matter. It’s the clearest signal but that the fintech unicorn is rethinking its operations amid stress from traders to ship earnings.
At the least three individuals near the corporate’s operations advised TechCabal that Flutterwave started downsizing in March 2025. In Kenya, the place the corporate had 20 workers, roughly half had been laid off. Three different workers left voluntarily within the weeks that adopted. One particular person disclosed that whereas some roles had been eradicated, related positions are actually being rehired in Nigeria, Flutterwave’s largest and most established market.
“They’re reducing roles in international locations they see as costly to run,” mentioned a supply who requested to not be named to talk freely. “Flutterwave can also be hiring for a similar roles within the Nigerian market.”
Flutterwave confirmed the cuts in a press release to TechCabal however mentioned they had been a part of a broader efficiency and strategy-led evaluation.
“These actions are a traditional however essential a part of making certain we function on the highest stage throughout each a part of the enterprise,” Flutterwave mentioned. “We recognise and reward impression, and we make modifications when expectations should not met.”
Greater than half of the South African crew, largely in gross sales, was additionally reduce. Flutterwave declined to touch upon the precise variety of affected employees.
Fewer than eight workers are actually believed to stay for Kenyan operations, primarily targeted on compliance issues. Amongst those that voluntarily exited are Leon Kiptum, the corporate’s former regional supervisor for East Africa, and Saruni Maina, affiliate VP for stablecoins. Each joined Flutterwave in June 2023 as a part of a bullish push into the Kenyan market.
Flutterwave mentioned it issued bonuses and promotions to high-performing employees throughout the identical evaluation cycle. The fintech large says it’s targeted on turning into “a disciplined, enterprise-focused firm” constructed round “sustainable progress, profitability, and long-term worth.”
The layoffs in its Kenya and South African workplaces come as Flutterwave continues to pursue essential regulatory licences in each markets. In Kenya, the corporate is making use of for a Fee Service Supplier (PSP) licence after receiving identify approval from the Central Financial institution of Kenya in 2023. South Africa, a bigger marketplace for Flutterwave than Kenya, has but to challenge a PSP licence to the corporate.
“We’re actively participating with regulators,” the corporate mentioned, including that its Kenyan utility is “progressing as deliberate.”
Flutterwave final raised cash in early 2022 with a $250 million Sequence D spherical. Since then, it has prioritised cost-cutting and operational self-discipline whereas pursuing IPO plans. CEO Olugbenga Agboola advised Bloomberg in February that the corporate would go public as soon as it turns into worthwhile.
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