🌍 Feed

✍🏿 Compose

🌍 Flutterwave Lays Off 3% of Workforce as It Doubles Down on Enterprise and Remittance

🌍 Flutterwave Lays Off 3% of Workforce as It Doubles Down on Enterprise and Remittance

#business
#employment
#payments
#remittances
Flutterwave, a leading name in African fintech, has laid off 3% of its workforce to sharpen its focus on enterprise and remittance services. This move marks a significant shift as the company realigns its strategic priorities and gears up for a potential IPO. By concentrating on its core revenue drivers, Flutterwave aims to enhance its operational efficiency and pave the way for long-term success in the African market.

Flutterwave, the African payments giant, recently laid off 3% of its workforce to refocus on its key revenue drivers: enterprise and remittance. The strategic shift led to the shutdown of Barter in March. These layoffs were announced during a company town hall and primarily affected roles connected to discontinued products.



Key Highlights:

  • Focus on Core Business:Flutterwave is pivoting towards enterprise customers and remittance services.
    Retail products contributed minimally to revenues.
  • Employee Impact:Approximately 30 employees were laid off.
    Flutterwave is providing an average of 3 months' gross salary and monetizing unutilized leave.
  • Strategic Realignment:This is Flutterwave’s first workforce reduction in its eight-year history.
    The layoffs aim to align resources with the company’s strategic priorities and improve operational efficiency.
  • Future Outlook:Flutterwave is preparing for a potential public listing, emphasizing corporate governance and operational excellence.
    CEO Gbenga Agboola highlighted the company's long-term vision for sustainable growth in Africa.



Read more on TechCabal

Top comments(0)

SEND

You may like this too...

TechCabal

Kobo360, the logistics powerhouse backed by Goldman Sachs, is rolling out HaulSight—an innovative fleet management software designed to help Africa’s major manufacturers streamline operations, track vehicles, and cut costs in real-time. With rising fuel prices squeezing margins, HaulSight presents an efficient way for companies like Dangote and Unilever to maximize fleet potential. Will this be a game-changer for Africa's logistics industry?
Nov 11, 2024

Disrupt-Africa

Chumz, a Kenyan fintech that enables users to set savings goals with mobile money, has reached 200,000 users and is testing its services in Rwanda. With unique prompts encouraging behavior-based saving, Chumz empowers users with accessible financial tools. Expansion plans target 1 million users across East Africa by 2026.
Nov 6, 2024

Bird Story Agency

As more and more services move online across Africa, giant players like Safaricom, MTN and Airtel are stepping up their efforts to provide Africa with large, green-energy data centres.
Nov 4, 2024

Bird Story Agency

Africa's Gen Zs, promised opportunity, innovation and new technology but faced with the very real world of a workplace in flux, constrained labour markets, high inflation and increasing criticism of their work ethic, are finding very little to cheer about. So a growing number of African universities are stepping in, hoping to bridge the gap between academic qualifications and real-world demands.
Nov 3, 2024

TechCabal

🌍 Access Bank secures the green light to acquire Kenya's National Bank, expanding its reach across East Africa’s largest economy. With an estimated $100 million deal, Access Bank will increase its footprint to 77 branches across 28 counties. Here’s what this move means for Kenya’s banking sector! 💸
Oct 31, 2024

Disrupt-Africa

Nigerian fintech leader Moniepoint has secured $110 million in Series C funding to supercharge its digital banking platform for businesses across Africa. With a track record of innovation and impact, Moniepoint is poised to transform financial access on the continent, bringing seamless banking, payments, and credit services to millions.
Oct 29, 2024

TechCabal

Stanbic Bank Kenya has completed a major upgrade of its core banking software, aiming for enhanced security and improved user experience. Despite brief service disruptions, the bank’s transition to the latest technology signals a drive for modernized banking in a competitive market.
Oct 27, 2024

TechCabal

Kenya is set to revolutionize its financial landscape with the introduction of a new Fast Payment System (FPS). This cutting-edge platform will ensure seamless transactions between banks and fintechs, eliminating existing barriers. The FPS promises to enhance accessibility, making financial services more convenient for all Kenyans.
Oct 18, 2024

TechCrunch

🌍 From humble beginnings in Africa, InstaDeep has grown into a global AI powerhouse. In just over a year under BioNTech’s umbrella, the startup continues to drive innovation in biotech and beyond. CEO Karim Beguir reveals how InstaDeep’s cutting-edge AI is revolutionizing healthcare and industrial optimization alike.
Oct 15, 2024

TechCabal

M-KOPA, a Kenyan fintech giant known for financing solar systems and smartphones, has appointed former Nokia CEO Rajeev Suri as its new board chair. As the company gears up for rapid expansion, Suri's leadership is set to guide M-KOPA into a new era of growth and innovation. With over 5 million users across Africa, M-KOPA is reshaping digital and financial inclusion.
Oct 14, 2024
Home
Business Hub
Market Hub
You
By signing up you agree to ourTerms|About us|Market Hub|Business Hub|Deals Hub