- Flutterwave laid off 30 employees, 3% of its workforce, to focus on remittances and enterprise, its primary revenue drivers
- Impacted employees will receive an average of three months’ gross salary and monetized unutilized accrued leave days
African payments giant Flutterwave has laid off about 30 employees, representing around 3% of its workforce. This decision comes three months after the company announced a strategic shift to focus on remittances and enterprise, its primary revenue drivers.
As part of this repositioning, Flutterwave shut down Barter in March. The company confirmed the layoffs to TechCabal but did not provide details about the teams affected.
“After a thorough analysis of our strategic priorities, including a renewed focus on enterprise customers and remittances, we concluded that some roles within the organization are redundant,” Flutterwave stated.
Two individuals with direct knowledge of the matter said employees were informed about the layoffs during a town hall meeting on Monday afternoon. One source said the impacted roles are tied to products that the company is no longer pursuing.
“We will pay an average of three months of gross salary, depending on the employee’s country of residence,” Flutterwave said. “We will also monetize their unutilized accrued leave days.”
Since its founding eight years ago, Flutterwave has not implemented a workforce reduction plan. However, they added that this step became necessary to align current resources with the company’s forward strategy and improve operational efficiency.
Following a reshuffle of some C-suite executives in 2024, Flutterwave revived discussions about a potential public listing, which had been postponed in 2022 and 2023.
“Right now, our goal is to be IPO-ready, ensuring we have the right corporate governance in place and are operating efficiently,” CEO Gbenga Agboola told Semafor in April 2024.