Flutterwave Cuts Workforce in Kenya and South Africa Amid IPO Preparations

Flutterwave, the African fintech giant, has downsized its operations in Kenya and South Africa by laying off approximately 50 percent of its staff in both countries. The move is part of a broader cost-cutting strategy as the company aims to streamline operations and focus on profitability ahead of a planned initial public offering (IPO). This development was first reported by TechCabal.

The layoffs mark a significant shift in Flutterwave’s expansion strategy, coming after its last major funding round in early 2022, where it secured $250 million in a Series D. Since then, the company has faced mounting pressure to improve its financial discipline, prompting internal restructuring and workforce reductions across regional markets.

This isn’t Flutterwave’s first round of job cuts. Less than a year ago, it trimmed 3 percent of its global workforce. That earlier downsizing largely impacted departments like compliance, legal, and human resources. The current layoffs, however, seem more targeted by geography and function, especially focused on trimming sales teams in South Africa.

While Flutterwave has not officially disclosed the exact number of affected employees, insiders reveal that the cuts were deep, especially in South Africa where more than half of the team was let go. Kenya was similarly affected, although details remain scarce. The company has remained tight-lipped, declining to issue further comments on the layoffs.

These developments highlight the pressures facing African tech companies as they seek long-term sustainability and profitability in a tough global funding climate. With IPO ambitions still on the horizon, Flutterwave’s strategic shift underscores a recalibration of growth, cost, and operational focus.

Source: Business day