Flutterwave is considered one of Africa’s notable tech success stories. Founded in 2016, the payment infrastructure firm has grown significantly within the fintech industry. The Nigerian fintech company remains private, for now, but back in 2024, its leaders did announce plans for an initial public offering.
That’s yet to come to fruition, but this year has been a particularly mighty one for Flutterwave. The payment service can be seen, and continues to be, utilized by several major brands in Nigeria and beyond. The company has also strengthened its relationship with the government, coinciding with Nigeria’s removal from the FATF grey list.
Ubiquitous with Nigerian Payments and Beyond
Not even a decade old just yet, Flutterwave already has operations in 34 African countries – including Nigeria, Ghana, and South Africa – as well as ones in Canada and the US. Its spread across the continent has made it an incredibly useful payment provider to include as a major brand.
This is why users can seamlessly pay with their Flutterwave accounts for their Twitter profiles, on Booking.com, with Jumia, or when hailing a ride with Uber. Flutterwave is now widely recognized as a trusted payment option, with many brands across industries integrating its services.
Another example of Flutterwave’s reach is its integration with one of the most popular online casinos in Nigeria. Settled in alongside PalmPay, Monnify, Mastercard, Visa, Verve, and Paystack, Flutterwave facilitates deposits and withdrawals from the site, facilitating secure transactions for various gaming options including slots, crash games, and live casino rooms.
With so much momentum gained and more than enough customers to warrant the company’s acclaim, Flutterwave still has its eyes on an IPO. In fact, the payments company hailed as an African unicorn is expected to provide a boost to the national stock exchange when it eventually launches.
Getting in Close with the Government after FATF Reprieve
Significant developments emerged in October for Nigeria’s financial ecosystem. The Financial Action Task Force (FATF) removed Nigeria from its grey list. Flutterwave’s C-suite hailed it as a “transformative moment” for the nation’s financial credibility. Also included in the delisting were Mozambique, Burkina Faso, and South Africa.
Not long before the FATF made its move, Flutterwave and the Nigerian government announced that they’d be strengthening their ties. The fintech company met with Mr Wale Edun, the minister of finance and coordinating minister of the economy, who praised Flutterwave’s commitment to enhancing financial inclusion.
At the end of the meeting, the two parties came away with a new roadmap for continued collaboration between Flutterwave and the Nigerian government. Following the meeting, Flutterwave proposed a $75 million investment opportunity to the government via the Ministry of Finance Incorporated.
Ultimately, Flutterwave hopes to raise $250 million in its IPO, but it hasn’t announced when this might come about. Given their 2025 so far and this prod to the government, many think that the Flutterwave IPO isn’t too far away. Co-founder and CEO Olugbenga Agboola says that the decisive moment will be when they reach profitability.
Flutterwave has certainly enjoyed a good year, and if that momentum carries them to profitability, their IPO could offer a serious boost to the Nigerian stock exchange.