Flutterwave Cuts Jobs, Focuses on Enterprise and Remittance

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Flutterwave Cuts Jobs, Focuses on Enterprise and Remittance
Flutterwave Cuts Jobs, Focuses on Enterprise and Remittance

Africa-Press – Eswatini. African fintech leader Flutterwave has reduced its workforce by about 3%, laying off approximately 30 employees as part of its recent pivot towards prioritizing enterprise solutions and remittance services.

The move follows the shutdown of its Barter platform earlier this year.

Confirming the layoffs to TechCabal, Flutterwave stated that the decision was driven by a strategic reassessment aimed at aligning resources with its core business objectives. The affected roles were primarily associated with products no longer central to its strategic direction.

Employees were informed of the layoffs during a town hall meeting on Monday, according to sources familiar with the matter. Flutterwave assured affected staff of severance packages, including up to three months’ gross salary and monetization of accrued leave days, varying by country.

Flutterwave emphasized that enterprise solutions and remittances now constitute its primary revenue streams, eclipsing retail products. The company, founded eight years ago, acknowledged this as its first instance of implementing such workforce adjustments to streamline operations and enhance efficiency.

Following recent executive reshuffles, Flutterwave has reignited discussions about a potential initial public offering (IPO), aiming to bolster corporate governance and operational readiness for sustained growth in Africa’s fintech landscape.

CEO Gbenga Agboola underscored the company’s commitment to long-term sustainability and regional impact, emphasizing the strategic infrastructure development needed to support its ambitions over the next decade.

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