Flutterwave, Africa’s most valuable fintech unicorn, is open to a potential acquisition by a larger player, CEO Olugbenga ‘GB’ Agboola told Semafor.
But he emphasized that the company’s top priority is achieving profitability this year.
Why it matters
The Nigerian-founded fintech, valued at over $3 billion, has long considered an initial public offering (IPO). Since launching in 2016, it has raised around $500 million and expanded across Africa, the U.S., and the U.K.
A potential acquisition could reshape the continent’s fintech landscape.
What they’re saying
- “Yes, we’re open,” Agboola said about a potential acquisition. “But our goal is to be profitable this year.”
- Flutterwave’s CFO Mitesh Popat reinforced this focus, saying the company’s aim is “long-term sustainability”—a strategy that could still lead to an IPO down the line.
- Agboola wants Flutterwave to serve businesses “across the full spectrum”—from payments to payroll, cross-border transfers, and remittances.
The big picture
- Flutterwave, backed by Visa and Tiger Global, has built its business by processing payments for major clients like Uber and Nigerian airline Air Peace.
- It operates in multiple African markets, including Ghana, Kenya, Rwanda, and South Africa, and holds licenses in over 30 U.S. states and the U.K.
- Regulatory hurdles remain a challenge. Africa’s fragmented financial rules and limited digital infrastructure create barriers to seamless expansion.
What’s next: As Flutterwave doubles down on profitability, an acquisition or IPO could be on the horizon—but for now, the company is playing the long game.
Source: Semafor
