African fintech unicorn Flutterwave has laid off half of its staff in Kenya and South Africa as it sharpens its focus on profitability ahead of a potential IPO.
The cuts, which began in March 2025, primarily affected compliance, legal, and HR teams, according to sources familiar with the matter.
Why it matters
The layoffs mark Flutterwave’s most significant internal restructuring to date and reflect growing investor pressure to reduce burn and deliver profits. While the company is trimming operations in more expensive markets, it’s reportedly rehiring for similar roles in Nigeria—its home and strongest market.
By the numbers:
- 50%: Staff reduction in Kenya and South Africa
- $250M: Last funding round (Series D, 2022)
- 3%: Workforce cut in a separate round less than a year ago
What they’re saying
“They’re cutting roles in countries they see as expensive to run,” a source told TechCabal. “Flutterwave is also hiring for the same roles in the Nigerian market.”
Catch up quick:
- Kenya: Half of the 20-person team was let go; only around 8 remain, mostly in compliance.
- South Africa: Over 50% of staff, largely in sales, were cut.
- Departures include Leon Kiptum (former East Africa regional manager) and Saruni Maina (associate VP, stablecoins), both hired in June 2023.
- Flutterwave confirmed the layoffs were part of a “performance and strategy-led review” and said it issued promotions and bonuses to top performers.
Zoom out
Flutterwave’s Kenya and South Africa units have faced regulatory headwinds. In Kenya, the firm is still awaiting a PSP licence after receiving name approval from the Central Bank in 2023. South Africa has yet to grant similar licensing.
Between the lines
Flutterwave’s cost discipline signals it’s gearing up for a public listing. CEO Olugbenga Agboola told Bloomberg in February that the company would go public once it achieves profitability.
The latest restructuring suggests that moment may be drawing closer.
Source: TechCabal
