Africa’s largest startup Flutterwave Inc. is battling allegations of financial impropriety and personnel harassment from Lagos to Nairobi, as it considers pushing ahead with plans to list the company.
The Nigerian financial-technology company recently filled key positions including a chief financial officer as it prepares for an initial public offering potentially next year, people familiar with the matter said, requesting not to be identified because it’s private. It might, however, take longer as the company deals with a reputation crisis and amid a global market downturn, they said.
The business took a direct hit last month, when the Kenyan High Court froze Flutterwave’s bank accounts under anti-money laundering rules and the central bank said it isn’t licensed to operate payments services in the country. The company has for months been struggling with allegations in the media and lawsuits, including claims of refusing former employees stock rights, harassment and bullying.
Flutterwave denied accusations of financial misconduct, including claims of money laundering in Kenya and irregularities related to stock options, and said it has taken action against those found culpable for any form of harassment in the company. It said the IPO plan is subject to market conditions.
It’s a blow for Flutterwave and its co-founder and Chief Executive Officer Olugbenga Agboola, who tripled the company’s valuation to $3 billion within a year after attracting investments from venture...
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