Flutterwave Reduces Workforce by Half in Kenya and South Africa as Part of Profit Increase and IPO Preparations
African fintech unicorn Flutterwave has announced a significant internal restructuring, resulting in the layoff of approximately 50% of its staff in Kenya and South Africa. This move is aimed at reducing operational costs, improving operational efficiency, and positioning the company favorably for a potential initial public offering (IPO) [1][2][3].
The layoffs, which began in March 2025, primarily affected compliance, legal, human resources, and sales departments [1][2][3]. The restructuring aligns with a broader performance and strategy-led review aimed at making the company more disciplined and enterprise-focused, prioritizing sustainable growth and profitability [1][2][3].
Notably, the Kenya team of Flutterwave has been reduced to around 8 members, primarily in compliance [1][2]. In South Africa, over 50% of the staff were let go, with the majority being from the sales team [1]. The company is consolidating roles from higher-cost and less stable regulatory environments in Kenya and South Africa to its largest and more mature market, Nigeria, where similar positions are being recruited [1][2][3][4].
The restructuring reflects growing investor pressure to reduce burn and deliver profits. Flutterwave's CEO, Olugbenga Agboola, has stated that the company would go public once it achieves profitability [1]. The latest restructuring may signal that Flutterwave is gearing up for a public listing [1].
Despite the cuts, Flutterwave awarded bonuses and promotions to high-performing employees to maintain morale and recognize impact during the transition [1][2][3]. Key personnel such as the former East Africa Regional Manager, Leon Kiptum, and Associate VP for Stablecoins, Saruni Maina, have been among the departures in June 2023 [1].
It is worth noting that this is not the first time Flutterwave has undergone a restructuring. A separate round resulted in a 3% workforce cut less than a year ago [1]. The company is not currently reported to be rehiring for similar roles in Nigeria, contrary to earlier reports [1].
Flutterwave's last funding round was $250M (Series D, 2022) [1], but no new funding round has been announced since then. The company is actively pursuing key regulatory approvals, including Payment Service Provider licenses in Kenya and South Africa, as part of preparing for its public listing [1][2].
In summary, the layoffs are a strategic move by Flutterwave aimed at cutting costs, improving operational efficiency, and positioning the company favorably for an IPO while focusing growth and regulatory engagement in its home market, Nigeria.
[1] TechCabal (2025). Flutterwave lays off 50% of staff in Kenya and South Africa. [online] Available at: https://techcabal.com/2025/03/29/flutterwave-lays-off-50-of-staff-in-kenya-and-south-africa/
[2] Business Daily Africa (2025). Flutterwave cuts jobs in Kenya, South Africa. [online] Available at: https://www.businessdailyafrica.com/corporate/Flutterwave-cuts-jobs-in-Kenya-South-Africa/4560734-5056568
[3] TechCrunch (2025). Flutterwave lays off 50% of staff in Kenya and South Africa. [online] Available at: https://techcrunch.com/2025/03/29/flutterwave-lays-off-50-of-staff-in-kenya-and-south-africa/
[4] TechPoint Africa (2025). Flutterwave confirms layoffs, consolidates operations in Kenya and South Africa. [online] Available at: https://techpoint.africa/2025/03/29/flutterwave-confirms-layoffs-consolidates-operations-in-kenya-and-south-africa/
- Flutterwave's restructuring in business operations, which involved significant layoffs in Kenya and South Africa, is intended to optimize finance through cost reduction and enhance technological efficiency, as the company prepares for a potential initial public offering (IPO).
- The technology sector is a key focus for Flutterwave following its internal restructuring, as the company consolidates roles from higher-cost and less stable regulatory environments in Kenya and South Africa, to its mature market, Nigeria, where they are recruiting for similar positions, prioritizing profitable growth.
