Africa’s largest payments startup, Flutterwave, has decided to postpone its initial public offering (IPO) until it achieves profitability, according to CEO Olugbenga Agboola.
Thank you for reading this post, don't forget to subscribe!“For a company operating in Africa, profitability is very important,” Agboola said in a recent interview. “Right now, the focus is on building a profitable, resilient, and scalable business.” While he did not specify a timeline, he emphasized that the IPO would only proceed when the company is financially sustainable.
Flutterwave initially announced plans for a Nasdaq listing in 2022 but opted to delay the move to strengthen corporate governance and regulatory compliance. Agboola noted that this strategic decision aims to ensure long-term value for stakeholders and position the company for a successful public debut.
Since its launch in 2016, Flutterwave has expanded to 35 African countries and processed over 630 million transactions worth $31 billion. In 2023, the company secured more than 30 new licenses in the U.S. to enhance its remittance operations.
Despite its rapid growth, Flutterwave is taking a cautious approach to entering the public markets. “The timing of the IPO is not just about being ready on paper; it’s about delivering long-term sustainable value,” Agboola stated.
