Cost-Cutting Targets Compliance, Legal, and Sales Roles
Flutterwave has significantly reduced its workforce in Kenya and South Africa, cutting roughly 50% of staff in each market as part of efforts to streamline costs and move closer to profitability ahead of a potential initial public offering (IPO).
The layoffs, which began in March 2025, affect multiple departments but have hit compliance, legal, and human resources teams particularly hard, according to people familiar with the matter. In South Africa, the company also cut much of its sales team.
These moves follow an earlier round of layoffs less than a year ago when the fintech unicorn reduced its global workforce by 3%, signaling growing pressure to improve margins and meet investor expectations.
Shift in Hiring Focus to Nigeria
Sources close to the company say the cuts reflect Flutterwave’s strategy to prioritize markets seen as more efficient to operate. In Kenya, the company had around 20 employees before the latest layoffs, with half of those roles eliminated. Additional voluntary departures followed, leaving fewer than eight staff members focused primarily on compliance functions.
“Flutterwave is cutting roles in countries they see as expensive to run,” said one person familiar with the decision. “They’re also hiring for the same roles in the Nigerian market.”
Nigeria remains Flutterwave’s largest and most established market, where the company is consolidating operations even as it reduces its footprint elsewhere.
Company Confirms Cuts, Cites Performance Review
In a statement, Flutterwave confirmed the layoffs but described them as part of a broader strategy and performance-led review.
“These actions are a normal but necessary part of ensuring we operate at the highest level across every part of the business,” the company said. “We recognise and reward impact, and we make changes when expectations are not met.”
Flutterwave also said that during the same review cycle, it issued bonuses and promotions to high-performing staff. The company characterized the changes as essential steps toward building “a disciplined, enterprise-focused company” centered on “sustainable growth, profitability, and long-term value.”
Leadership Changes in East Africa Team
Among those who voluntarily exited are Leon Kiptum, former regional manager for East Africa, and Saruni Maina, associate vice president for stablecoins. Both joined Flutterwave in June 2023 as part of the company’s aggressive expansion strategy in Kenya—a plan that now appears to be scaling back.
Despite the staff cuts, Flutterwave says it remains committed to its regulatory ambitions in the region. The company is still pursuing a Payment Service Provider (PSP) licence in Kenya, having received name approval from the Central Bank of Kenya in 2023.
“We are actively engaging with regulators,” Flutterwave said, adding that the Kenyan licensing process is “progressing as planned.”
South Africa, a larger market for Flutterwave than Kenya, has not yet granted the company a PSP licence, but the firm is continuing efforts to secure regulatory approval there as well.
IPO Plans Drive Operational Discipline
Flutterwave last raised significant capital in early 2022 with a $250 million Series D round that valued the company at over $3 billion. Since then, the firm has prioritized cost-cutting and operational discipline while preparing for an eventual public listing.
In February, CEO Olugbenga Agboola told Bloomberg that Flutterwave would pursue an IPO once it achieves profitability—a goal these layoffs appear intended to support.
As Africa’s most prominent fintech startup, Flutterwave’s tightening of costs and rebalancing of its workforce underscore the broader pressures facing even high-profile tech firms to demonstrate financial sustainability in challenging economic conditions.