African FinTech Flutterwave is moving ahead with preparations for an initial public offering (IPO) on the Nasdaq despite claims of financial impropriety by the Central Bank of Kenya (CBK) and its bank accounts being frozen by Kenya’s High Court.
“We have the attractive market potential and opportunity to do so now,” Chief Financial Officer Oneal Bhambani said, Bloomberg reported Tuesday (Aug. 30). “We are a growth company, we have a tremendous opportunity to invest and really develop solutions for the largest enterprises in the world that transact in Africa.”
Flutterwave is planning to use the proceeds from the public listing to grow its operations in current markets while exploring expansion into new African opportunities, Bloomberg reported. Bhambani came to Flutterwave in June from American Express, along with three other executives.
Founded in 2016 and headquartered in Lagos, Nigeria, and Silicon Valley, Flutterwave provides payment infrastructure for global merchants and facilitates cross-border, multi-currency transactions. The company has a valuation of more than $3 billion and has been backed by B Capital Group, Alta Park Capital, Whale Rock Capital, Lux Capital, Tiger Global and others.
