Flutterwave has distanced itself from the widespread reports claiming the Nigerian government has approved a $75 million investment in the company ahead of a highly anticipated public listing.
In a statement released on Tuesday, the payments giant dismissed the reports as “inaccurate,” specifically refuting claims that it is on the verge of a $250 million Initial Public Offering (IPO). The denial follows media reports on Monday, sparked in part by a now-deleted social media post from a special assistant to President Bola Ahmed Tinubu.
The initial reports suggested that President Bola Tinubu had authorised the Ministry of Finance Incorporated (MoFI) to inject $75 million into the startup.
However, Flutterwave’s spokesperson clarified the company’s position, stating, “Flutterwave is not in any way close to an IPO, and they have made no announcements regarding a listing or fundraising tied to an IPO as described.”
The confusion highlights the intense scrutiny surrounding the unicorn, which was valued at over $3 billion during its 2022 funding round. While Flutterwave has long been touted as the torchbearer for African tech on the global public stage, the company appears to have pivoted toward a more conservative timeline.
According to the reports, the fintech company approached the federal government last year to participate in the offer, which has been in motion since it was first touted as far back as 2022.
Flutterwave’s IPO has been delayed by its lack of sustained profitability, earlier governance and misconduct scandals, and unfavourable global market conditions.
Over the years, the company’s chief executive, Mr Olugbenga Agboola, has maintained a consistent narrative of internal consolidation over public ambition.
He emphasised that the firm’s current priority is operational maturity and robust corporate governance rather than a rushed debut on the stock exchange.
In 2o22, Flutterwave raised $250 million in a Series D round that tripled the company’s valuation to over $3 billion after raising $170 million in a Series C round from Tiger Global and Avenir at a valuation of $1 billion in March 2021. It raised a $35 million in Series B in 2020 and a $20 million in Series A in 2018.
At $3 billion, Flutterwave is currently the highest valued African startup, heightening expectations that the next phase would be an IPO. However, the latest dismissal shows that the years-long wait will have to continue before investors can get a piece of the company valued at $3 billion.