Afrigather African funds large Flutterwave has laid off about 30 individuals—round 3% of its workforce—three months after it spoke about repositioning its business to deal with remittance and enterprise, its two largest income drivers. That change of focus led to the shutdown of Barter in March.
Flutterwave confirmed the layoffs to TechCabal however didn’t share particular particulars of the affected groups.
“After an intensive evaluation of our strategic priorities, together with a renewed deal with enterprise prospects and remittances, we got here to the conclusion that some roles inside the organisation are redundant,” Flutterwave instructed TechCabal in a press release.
Staff had been instructed concerning the layoffs at a city corridor on Monday afternoon, two individuals with direct information of the matter mentioned. The impacted roles are linked to merchandise the corporate is not pursuing, one individual mentioned.
“We pays a median 3 months of gross wage, relying on the nation the place the worker relies,” Flutterwave mentioned. “We will even be monetising their unutilised accrued depart days.”
In October, the fintech instructed TechCabal that enterprise was its biggest revenue driver whereas retail merchandise had little contribution to revenues.
“Since our founding eight years in the past, we’ve not needed to implement a workforce discount plan, but it surely grew to become a obligatory step on this occasion with a view to align our present assets with our go-forward technique and enhance our operational effectivity.”
After reshuffling a few of its C-suite workers in 2024, Flutterwave revived conversations a few potential public itemizing that was placed on ice in 2022 and 2023.
“Proper now our objective is to be IPO-ready, guaranteeing we’ve the fitting company governance in place, ensuring we’re working properly,” CEO Gbenga Agboola instructed Semafor in April 2024. “We wish to be a long-term firm in Africa, for Africa – and so the objective is constructing the fitting infrastructure to be right here for the following ten-plus years.”
*This can be a creating story
