Barely 3 months after Flutterwave announced its plan to focus on its two biggest revenue generators, remittance, and enterprise, the company has laid off about 3% of its workforce.
This change of business focus by Flutterwave resulted in the termination of Barter in March 2024. Although the layoffs have been confirmed, the FinTech kept the teams affected by the layoffs undisclosed.
After a thorough analysis of our strategic priorities, including a renewed focus on enterprise customers and remittance, we concluded that some roles within the organization are redundant
Flutterwave
The FinTech made this known to the employees on Monday afternoon at a town hall meeting.
According to an individual with direct knowledge of the situation, the layoffs affect only those in departments the startup no longer desires to pursue.
For compensation, the former employees will receive an average of three months of gross salary depending on the country of operation.
Also, Flutterwave will monetize their unused accrued leave days.
Since our founding eight years ago, we have not had to implement a workforce reduction plan, but it became a necessary step in this instance to align our current resources with our go-forward strategy and improve our operational efficiency.
Flutterwave
According to Flutterwave, enterprise stands as its largest revenue generator while retail products are its least revenue generator. The Startup made this known last October, which indirectly points out the departments that were shut down.
After the restructuring of its employees in 2024, Flutterwave is in talks about a potential public listing, that was initially put on ice earlier in 2022 and 2023.
We want to be a long-term company in Africa, for Africa, and so the goal is building the right infrastructure to be here for the next ten-plus years.
Gbenga Agboola (CEO of Flutterwave)
According to Agboola, the goal for Flutterwave is to be IPO-ready, ensuring that FinTechs have the proper corporate governance in place to ensure a smooth operation.