Flutterwave Slashes Workforce in Kenya and South Africa as IPO Pressure Mounts

African fintech giant Flutterwave has cut 50% of its workforce in Kenya and South Africa, signalling a strategic shift aimed at reducing costs and accelerating its path to profitability ahead of a long-anticipated initial public offering (IPO).

The layoffs, which began in March 2025, affected multiple departments — most notably compliance, legal, and human resources (HR) — according to people familiar with the matter. The move comes less than a year after the company trimmed 3% of its global workforce, and it highlights growing pressure from investors for the unicorn to shift focus from aggressive expansion to financial discipline.

In Kenya, where Flutterwave had approximately 20 employees, about half have been laid off, while at least three others voluntarily resigned, including Leon Kiptum, the company’s former regional manager for East Africa, and Saruni Maina, associate VP for stablecoins. Both joined the company in 2023 during its bullish push into the Kenyan market.

“They’re cutting roles in countries they see as expensive to run,” said one source who spoke anonymously. “Flutterwave is also hiring for the same roles in the Nigerian market.”

In South Africa, Flutterwave reportedly made similar cuts, primarily affecting sales personnel, though the company has declined to provide specific numbers.

Flutterwave confirmed the layoffs in a statement to TechCabal, describing them as part of a broader “performance and strategy-led review”.

“These actions are a normal but necessary part of ensuring we operate at the highest level across every part of the business,” the company said. “We recognise and reward impact, and we make changes when expectations are not met.”

Flutterwave added that high-performing employees received bonuses and promotions during the same period, reinforcing its shift toward becoming a “disciplined, enterprise-focused company” built on sustainable growth and long-term value.

The company appears to be consolidating operations in Nigeria, its largest and most mature market, where some of the same roles cut in Kenya and South Africa are reportedly being rehired.

The workforce reduction comes as Flutterwave continues to pursue regulatory approvals in both Kenya and South Africa. The company has yet to receive a Payment Service Provider (PSP) licence in either country.

In Kenya, Flutterwave received name approval from the Central Bank in 2023 and says the licensing process is “progressing as planned”. In South Africa — a more significant market in terms of revenue — the company still lacks a PSP licence.

“We are actively engaging with regulators,” Flutterwave said in its statement.

Flutterwave last raised capital in early 2022, securing $250 million in a Series D round that valued the company at over $3 billion. Since then, the fintech leader has shifted focus from rapid expansion to cost-cutting and operational efficiency in preparation for a potential IPO.

CEO Olugbenga Agboola told Bloomberg in February that the company would go public “once it becomes profitable. ” The recent layoffs appear to be a part of that journey.

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