Leading African fintech company, Flutterwave, has slashed 50% of its workforce in Kenya and South Africa in a strategic move aimed at reducing operational costs and steering the company toward profitability. The affected roles cut across compliance, legal, and human resources departments. This downsizing, which began in March 2025, is seen as a direct response to investor pressure ahead of the company’s long-anticipated public listing.
In Kenya, where Flutterwave previously had 20 employees, at least half were laid off, with a few more exiting voluntarily. Reports suggest similar roles are now being re-established in Nigeria, the company’s largest and most cost-efficient market. Sources familiar with the matter noted that Flutterwave is consolidating operations in markets it deems financially viable, even as it continues hiring in Nigeria to fill some of the eliminated roles.
The company acknowledged the layoffs in a statement, describing them as part of a “performance and strategy-led review.” It said such actions were necessary to ensure efficient business operations and hinted at a commitment to reward high performers, noting that bonuses and promotions were also issued during the review cycle. However, Flutterwave declined to disclose the exact number of affected employees, especially in South Africa, where more than half of its sales team was affected.
The company’s strategic retrenchment comes as it seeks critical regulatory licences in both countries. Flutterwave is progressing with its Payment Service Provider licence application in Kenya after receiving name approval from the Central Bank, while efforts in South Africa remain pending. With its last funding round of $250 million secured in 2022, Flutterwave is now tightening its belt as it lays the groundwork for a profitable, enterprise-focused future ahead of a potential IPO.