In a major cost-cutting move, Flutterwave has streamlined staff in Kenya and South Africa by 50 percent, according to TechCabal.
Flutterwave last raised money in early 2022 with a $250 million Series D round. Since then, it has prioritised cost-cutting and operational discipline while pursuing IPO plans. The staff cuts in Kenya and South Africa are meant to reduce costs and move closer to profitability ahead of a potential public listing.
This move comes less than a year after the company laid off 3 percent of its workforce, affecting multiple departments, with the most impact seen in compliance, legal, and human resources (HR) teams, according to people familiar with the matter.
More than half of the South African team, mostly in sales, was also cut. Flutterwave declined to comment on the exact number of affected staff.
Fewer than eight employees are now believed to remain for Kenyan operations, mainly focused on compliance matters. Among those who voluntarily exited are Leon Kiptum, the company’s former regional manager for East Africa, and Saruni Maina, associate VP for stablecoins.
Flutterwave said it issued bonuses and promotions to high-performing staff during the same review cycle.
In Kenya, Flutterwave is applying for a Payment Service Provider (PSP) licence after receiving name approval from the Central Bank of Kenya in 2023. South Africa, a larger market for Flutterwave than Kenya, has yet to issue a PSP licence to the company.
