Flutterwave, will not proceed with its highly anticipated initial public offering (IPO) until it achieves profitability, CEO Olugbenga Agboola told Bloomberg in a recent interview.
“For a company operating in Africa, that’s a no-brainer; profitability is very important,” Agboola said. “Right now, the focus is: ‘how do we build a profitable, resilient, and scalable business?’” While he declined to provide a specific timeline, he emphasized that the IPO would only happen when the company is financially sustainable.
Flutterwave first announced plans for a Nasdaq listing in 2022 but opted to strategically delay the move to further strengthen corporate governance and regulatory readiness. Speaking with Bloomberg, Agboola emphasized that this approach is focused on ensuring long-term value for stakeholders, positioning the company for a successful public offering at the right time.
Since its founding in 2016, the Lagos and San Francisco-based fintech has expanded to 35 African countries and processed more than 630 million transactions worth $31 billion. In 2023 alone, Flutterwave secured over 30 new licenses in the U.S. to strengthen its remittance business.
Despite its rapid growth, the company is taking a measured approach to public markets. “The timing of the IPO is not just about paper readiness; it’s also about ensuring that we’re delivering long-term sustainable value,” Agboola told Bloomberg.
today released its 2024 end of the year report, highlighting growth, global expansion, and technological advancements that have solidified its position as a key player in the global fintech landscape.
Founded in 2016, the firm has processed over 630 million transactions worth $31 billion and globally, 48% of businesses using Flutterwave received payments from new geographic locations, a 12% increase from 2023 and the firm extended operations to Rwanda, Ghana, Uganda, Zambia, and Mozambique, now operating in over 35 countries and supporting 150+ currencies.
In the U.S, the firm acquired 31 additional money transfer licenses in the USA and launched the Send App in 49 American states and improved card velocity by 5x, enhancing fraud detection and saving hundreds of thousands in card processing fees. The firm also launched Debit in Nigeria, signaling a shift from card to account payments expected in 2025 and partnered with OPay, giving businesses access to over 40 million OPay users.
Looking ahead to 2025, Flutterwave will continue its relentless focus on sustainable growth and delivering seamless solutions for global and local enterprises. This will be underpinned by the launch of Flutterwave’s next-generation API in H1 2025, which will set a new benchmark for payment infrastructure in Africa. It will mean smoother payment experience, easier integrations, and greater customer control over API integrations.
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