Flutterwave has reportedly laid off around half of its staff in Kenya and South Africa, in a bid to cut costs and keep the company on track toward profitability.
The move, which began quietly in March 2025, shows a change in strategy for Africa’s highest-valued startup.
The layoffs have hit the company’s compliance, legal, human resources, and sales units, roles Flutterwave now appears to be relocating to its home market, Nigeria. The rationale points to the fact that Nigeria is cheaper to operate in and is more stable from a regulatory standpoint.
Less than a year ago, Flutterwave let go of 3% of its global workforce after shutting down its Barter virtual card service. This new wave of layoffs is more aggressive, pointing to investor pressure to deliver profitability ahead of a long-anticipated public listing.
In Kenya, sources familiar with the matter confirmed that about 10 of the company’s 20 employees were dismissed, with a few more resigning in the weeks that followed.
A similar story played out in South Africa, where over half of the staff, mostly salespeople, were affected. Fewer than eight employees remain in the Nairobi office, mostly handling regulatory compliance.
“They’re cutting roles in countries they see as expensive to run,” one source close to the company’s leadership told TechCabal. “Flutterwave is also hiring for the same roles in the Nigerian market.”
The company acknowledged the layoffs in a formal statement, calling them part of a performance and strategy-led review.
“These actions are a normal but necessary part of ensuring we operate at the highest level across every part of the business,” Flutterwave said. “We recognise and reward impact, and we make changes when expectations are not met.”
This restructuring phase has seen not just exits but promotions and bonuses for staff who exceeded expectations. But we see that the company is narrowing its focus. Flutterwave is doubling down on enterprise payments and its cross-border remittance app, Send, while strengthening partnerships and infrastructure in Nigeria.
However, there’s a regulatory elephant in the room. Despite operating in Kenya for years, Flutterwave still doesn’t have a full Payment Service Provider (PSP) licence.
The Central Bank of Kenya only granted name approval in 2023, and the company is still awaiting formal clearance. In South Africa, the situation is similar; a larger market with no license in hand.
Still, Flutterwave insists it’s pushing ahead. “We are actively engaging with regulators,” the company said. “Our Kenyan application is progressing as planned.”
The layoffs come in the middle of Flutterwave’s operational integrity investigations. In April 2024, the company reportedly suffered a ₦11 billion security breach, although it claimed that customer funds were untouched.
This, along with a history of frozen accounts and compliance queries in Nigeria and Kenya, has increased the need for a more disciplined structure.
Flutterwave last raised funds in early 2022, a $250 million Series D round that valued it at over $3 billion. Since then, profitability has become the north star. CEO Olugbenga Agboola confirmed as much earlier this year in an interview with Bloomberg, saying the company will only go public “once it becomes profitable.”
Some of the company’s most visible executives in East Africa are also gone. Leon Kiptum, the former regional manager for East Africa, and Saruni Maina, associate VP for stablecoins, both exited after less than two years with the firm.
The timing of these layoffs is telling, as regulators are tightening their hold and investors are demanding returns. Flutterwave is taking no chances; shedding weight, shifting talent to cheaper locations, and doubling down on its most bankable markets.
