IPO: Flutterwave needs to go public, says CEO Gbenga Agboola

Bisola David
Bisola David
Wema Bank, Flutterwave introduce digital FX product

The co-founder and CEO of Flutterwave, Olugbenga Agboola, has stated that the company is pushing ahead with its intended Initial Public Offering despite all obstacles since it is extremely important to achieve its goals.

According to Bloomberg, Agboola in an interview stated that going public is now required for the business to draw in significant international clientele.

This, he claims, means that Flutterwave will have the same level of compliance with a global clientele.

According to Bloomberg, Flutterwave stated that its payment processing business through its payments app, SendApp, surged 23-fold in the first half of this year compared to the same period in 2022, despite declining to provide an annual rise in overall revenue.

Revenue in its small and medium business section increased roughly four times as much as point-of-sale payments did.

Agboola expects the business to expand its footprint in the markets it presently serves and maybe look for acquisitions to increase its market share.

“The objective is to make consumers and merchants across Africa use us more frequently and understand that we are the most dependable platform to use,” he said. “Africa is huge, and the potential is huge,” he declared.

Flutterwave has swiftly grown since its establishment in 2016 and is now present in around 30 African nations.

An investment round that Agboola managed in January of last year tripled the company’s valuation to $3 billion.

With offices in Lagos and San Francisco, Flutterwave partners with organizations including Alibaba’s Alipay, Uber Technologies Inc., and Netflix Inc. and has received investments from venture capital firms such as Tiger Global Management LLC.

According to a study conducted by the Bloomberg Billionaires Index using data from Pitchbook, Agboola’s ownership share in the business was worth more than $370 million as of the company’s funding round last year.

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