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Flutterwave Staff Cut Reflects Strategic Shift
Flutterwave has laid off 50% of its staff in Kenya and South Africa to reduce costs and focus on profitability. This comes ahead of a potential public listing. The move, which follows less than a year after the company laid off 3% of its workforce, spans multiple departments. Furthermore, according to people familiar with the matter, the most impact was seen in compliance, legal, and human resources (HR). Flutterwave staff cuts have become a sign of strategic repositioning amid pressure from investors to deliver profits.
Additionally, Flutterwave’s downsizing began in March 2025. In Kenya, where the firm had 20 employees, around half were affected. Three additional staff members voluntarily exited in the following weeks.
Equally, although Flutterwave removed some positions, similar roles are now being filled in Nigeria. Nigeria remains Flutterwave’s most mature and largest market and hence, often survives Flutterwave staff cut.
According to a source who preferred to remain anonymous, he said, “They’re eliminating roles in countries that are expensive to maintain.” “Flutterwave is simultaneously hiring for the same positions in the Nigerian market.”
The company described itself as part of a more exhaustive, performance-driven strategic review. “These measures are a routine yet necessary step. The company said, “They help ensure that we maintain excellence across all areas of the business.” “We value results and make changes when outcomes fall short.”
IPO Plans Drive Restructuring and Refocus
This event also affected over half of the South African team, primarily in sales. However, Flutterwave didn’t disclose the exact number of impacted employees. Furthermore, Flutterwave staff cut affected several regional teams and key market functions.
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Moving forward, fewer than eight staff members are to remain in the Kenyan office. Their work mainly focuses on compliance activities after the Flutterwave staff cut. Those who left voluntarily include Leon Kiptum, former regional manager for East Africa, and Saruni Maina, associate VP for stablecoins. Both had joined Flutterwave in June 2023, amid a confident expansion into the Kenyan market.
During this same review, Flutterwave awarded bonuses and promotions to high-performing personnel. The fintech firm emphasized that it is building a “disciplined, enterprise-focused company.” Its goals now include “sustainable growth, profitability, and long-term value.”
It’s noteworthy that Flutterwave staff cuts coincide with the firm’s ongoing efforts to secure critical regulatory approvals in Kenya and South Africa. In Kenya, the company is pursuing a Payment Service Provider (PSP) licence. In addition, it received name approval from the Central Bank of Kenya in 2023. South Africa remains a significant market for Flutterwave, but it has yet to obtain the PSP licence.
Flutterwave last secured funding in early 2022 through a $250 million Series D round. Since then, it has focused heavily on cost control and operational efficiency. These priorities are central to its goal of going public. In February, CEO Olugbenga Agboola told Bloomberg that the company would pursue an IPO once it achieves profitability.
