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By Steve UMIDHA
Payments startup, 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.