According Flutterwave co-Founder & CEO, Olugbenga Agboola, the company will only proceed with its long-awaited IPO once it achieves profitability, . The African payments giant, which initially planned a Nasdaq listing in 2022, delayed the move to address governance concerns and key personnel changes.
Founded in 2016, Flutterwave now operates in 35 African countries, processing over 630 million transactions worth $31 billion. The company expanded its remittance business last year, securing over 30 new licenses in the U.S. and offering services across the U.K., EU, and all 50 U.S. states.
Flutterwave became a unicorn in 2021 after raising $170 million in a Series C funding round, valuing the company at over $1 billion. In 2022, another funding round tripled its valuation to $3 billion, solidifying its status as Africa’s largest fintech startup. Its rapid growth, expansion across 35 African countries, and dominance in digital payments have kept it among Africa’s top unicorns.
With enterprise payments as its core segment, remittances are growing rapidly. Flutterwave’s expansion helped drive a 50% revenue increase in the first half of 2024. Despite ongoing investments, the company remains focused on scaling sustainably before launching its IPO.
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