Flutterwave’s initial public offering to proceed after reaching profitability – Olugbenga Agboola 

An Initial Public Offering (IPO) is when a private company offers shares to the public for the first time to raise capital.

In a report by Bloomberg, the company’s co-founder and Chief Executive Officer, Olugbenga Agboola, made this clear in a recent interview, emphasizing that profitability remains its top priority.

“For a company operating in Africa, that’s a no-brainer; profitability is very important,” Agboola stated.

“Right now, the focus is: ‘how do we build a profitable, resilient and scalable business’,” he added, declining to provide a specific timeline for the IPO.

He further noted that the timing of the public listing is not just about regulatory preparedness but also about ensuring that “we’re delivering long-term sustainable value to our stakeholders.” 

Flutterwave initially disclosed plans to list on the Nasdaq stock exchange in 2022. However, the company deferred the move to address concerns over financial impropriety and workplace harassment allegations, as well as to fill critical executive positions after notable departures.

Agboola stated that Flutterwave now provides remittance services to Africa from the UK, all 50 US states, and every EU nation

“It now offers services to remit funds to Africa in the UK, more than 50 US states and every European Union nation,” he noted.

Since assuming office in May 2023, President Bola Tinubu has implemented financial reforms, including floating the naira and incentivizing investments from the approximately 20 million Nigerians in the diaspora.

“Remittances are growing really fast. We are still investing as a company. Our goal is obviously to keep on scaling the business,” Agboola said.