Flutterwave Inc., Africa’s largest startup, is pressing ahead with plans for an initial public offering after making headway in resolving allegations of financial impropriety in Kenya so that it can access more and bigger international partners, its chief executive officer said.
Olugbenga Agboola, who is also a co-founder of the pan-African payments company, brushed aside accusations that it had refused to honor former employees’ stock rights, and that staff were harassed and bullied, saying these were “very, very isolated,” cases and they wouldn’t affect the planned share sale. The company has won approval for the first step in securing the right to operate in Kenya, a key African market, he said.
Based in Lagos and San Francisco, Flutterwave has attracted investments from venture capital firms including Tiger Global Management LLC, and works with companies including Alibaba’s Alipay, Uber Technologies Inc. and Netflix Inc. Agboola’s stake in the company was worth more than $370 million as of the company’s funding round last year, according to an analysis by the Bloomberg Billionaires Index using Pitchbook data.
Still, funding for startups has slowed across the globe and the fast-growing company, which has 750 employees, will need to work at scaling up governance ahead of an IPO. The volatility of Nigeria’s naira could also complicate matters.
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