Flutterwave has cut half of its staff in Kenya and South Africa. This is showing a sharp turn toward profitability. The fintech company is trimming costs ahead of a potential IPO, with layoffs mainly affecting compliance, legal, and HR teams.
“This is a normal but necessary part of ensuring we operate at the highest level,” the company said in a statement.
The downsizing began in March 2025. In Kenya, 10 out of 20 employees were laid off. Three more left shortly after. South Africa saw an even deeper cut, with most of its sales team let go. Fewer than eight people now remain in Kenya, mostly focused on compliance.
While Flutterwave is shrinking teams abroad, it’s expanding similar roles in Nigeria—its home base and largest market. One insider noted, “They’re cutting roles in countries they see as expensive to run.”
This comes less than a year after Flutterwave laid off 3% of its workforce. But this latest round is far more aggressive, showing rising pressure from investors to see returns.
Despite the cuts, high performers were rewarded. The company confirmed issuing bonuses and promotions during the same period.
Flutterwave’s regulatory journey is still ongoing. In Kenya, it’s working toward a Payment Service Provider licence. The Central Bank gave name approval in 2023. In South Africa, the licensing process remains uncertain.
The company hasn’t raised funds since its $250 million Series D in early 2022. Since then, it’s focused on cutting costs and tightening operations. CEO Olugbenga Agboola recently said the company will go public once it turns a profit.
For now, Flutterwave says it’s building for “sustainable growth, profitability, and long-term value.” But its reduced presence in key African markets shows just how tough that road might be.
