Nigerian tech mogul Olugbenga Agboola's Flutterwave sacks 30 employees

Oluwatosin Racheal Alabi -

Key points:

  • San Francisco- and Lagos-based fintech giant Flutterwave, led by Nigerian multimillionaire tech entrepreneur Olugbenga Agboola, has sacked about 30 employees,
  • The company confirmed the layoffs but did not provide specific details about the affected teams, stating the roles were redundant.
  • Flutterwave aims to be IPO-ready, focusing on corporate governance and operational efficiency to ensure long-term sustainability.

San Francisco and Lagos-based fintech giant Flutterwave, led by Nigerian multimillionaire tech entrepreneur Olugbenga Agboola, has laid off about 30 employees, representing around three percent of its workforce.

This comes three months after the company announced a shift to focus on its two biggest revenue drivers: remittance and enterprise.

Company confirms layoffs without detailing affected teams

Flutterwave confirmed the layoffs but did not provide specific details about the affected teams.

“After a thorough analysis of our strategic priorities, including a renewed focus on enterprise customers and remittances, we concluded that some roles within the organization are redundant,” Flutterwave stated.

Employees were informed about the layoffs during a town hall meeting on Monday afternoon, according to two individuals with direct knowledge of the matter. The affected roles are related to products the company is no longer pursuing, one source mentioned.

Flutterwave’s commitment to employees and future plans

“We will pay an average of three months’ gross salary, depending on the country where the employee is based. We will also be monetizing their unutilized accrued leave days,” Flutterwave stated.

The fintech company revealed that enterprise was its largest revenue driver, while retail products contributed minimally to its revenues. “Since our founding eight years ago, we have not had to implement a workforce reduction plan, but it became a necessary step in this instance to align our current resources with our go-forward strategy and improve our operational efficiency,” the company stated.

After reshuffling some of its C-suite employees in 2024, Flutterwave restarted discussions about a potential public listing that had been postponed in 2022 and 2023.

“Right now, our goal is to be IPO-ready, ensuring we have the right corporate governance in place and that we are operating well. We want to be a long-term company in Africa, for Africa, and so the goal is building the right infrastructure to be here for the next 10-plus years,” CEO Gbenga Agboola said.

2023 proved to be a banner year for Flutterwave’s expansion. The company entered the Rwandan and Egyptian markets, secured a strategic alliance with Indian financial services leader IndusInd Bank Ltd., and pledged a $50-million investment in the Kenyan market to secure an operating license.

Founded in 2016, Flutterwave has become a frontrunner in Africa’s ongoing payments revolution. The company, headquartered in both San Francisco and  Lagos, stands as a significant success story within the continent’s burgeoning fintech space.