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Flutterwave CEO reiterates plan for an IPO amidst challenges

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Flutterwave CEO, Olugbenga Agboola, has underscored the company’s commitment to moving forward with its scheduled Initial Public Offering (IPO) despite the hurdles. In an interview with Bloomberg, Agboola stressed the importance of aligning with global client expectations and compliance standards.

He acknowledged the current volatility in the market, acknowledging that it might affect the listing process, yet reiterated Flutterwave’s determination to enhance interactions with international clients and uphold global compliance protocols. The IPO, according to Agboola, is a strategic avenue to achieve these goals.

Agboola explained, “There’s some kind of customers we’ll attract when we are public. The large global clients who need you to have the same level of compliance and level of global view that they have.”

While he acknowledged that the current market conditions aren’t ideal, Agboola remained optimistic, stating that the company’s intention to go public won’t be halted, even though he refrained from specifying a date.

The fintech giant Flutterwave, which experienced internal conflicts and was even accused of financial impropriety, remains steadfast in its IPO pursuit. Agboola dismissed allegations of internal conflicts affecting stock entitlements, describing them as isolated instances that won’t deter their IPO plans.

Despite some setbacks, Flutterwave is emerging as a prominent name in the African fintech landscape. It has faced challenges such as suspension by Kenyan authorities for operating without a financial services license, but it has since gained access to more African countries, including Egypt and Rwanda.

Agboola expressed unwavering confidence in the company’s potential, given its $3 billion valuation following a $250 million funding round in 2022. He sees the IPO as a means to expand the company’s presence and growth further, potentially exploring new markets and acquisitions.

Read also: Kenyan investment startup, Hisa, gets new CEO, following Eric Asuma’s resignation

Since Flutterwave began operations in 2016, the company has garnered support from global investors like Tiger Global, Y-Combinator, Visa Ventures, Mastercard, and Avenir Growth Capital, contributing to impressive growth. Recently, the company introduced a payment solution named “Tuition,” enabling African users to pay educational fees both locally and internationally.

Flutterwave reported remarkable growth in its operations, with a significant increase in payment processing through its app SendApp and revenue generated through its small and medium business divisions. The company, present in about 30 African countries, is poised to capitalize on its strong position in the African fintech arena.

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