Flutterwave is preparing its initial public offering (IPO) to be listed on the stock market and bankrolling its business development in North Africa as a follow-up on the Egyptian e-payment license the FinTech unicorn acquired last year. In Egypt, the e-payment service provider currently has its fingers around a couple of merchants which is not enough until the entire market has reportedly succumbed to its digital prowess.
The IPO plans were forgone at the time it erupted when the Egyptian e-payment license was newly acquired, which was also the same time Flutterwave had issues in Kenya with the local regulators. Due to the passage of time, the FinTech unicorn has consented to carry on with the IPO campaign the regional manager Aalaa Gamal reported it was an in-house strategy for Flutterwave to expand across North and the MENA region of the continent.
At the time Flutterwave’s brawl with the Kenyan regulatory system peaked, several reactions about the FinTech company’s credibility were questionable. Still, the CEO of the FinTech company, Olugbenga Agboola was relentless with Flutterwave’s commitment to lead financial inclusion in the continent by enlisting his company on Nasdaq — at this point the IPO plans are inevitable.
Agboola said the initially planned IPO campaign had paused to channel “our goal is to deepen market penetration, get our customers where they want to be across the continent [and] scale the business. But we’re getting IPO ready as a company. The market has been slumping for a while, so it is a wrong time to IPO,” Agboola acknowledged, but he added that he “saw that CAVA IPOed recently and their numbers went up, which is a good sign that the market is coming back. So it’s going back to where it should be.”
Flutterwave’s reference to CAVA is a no-brainer that Agboola’s strategy was inclined toward the Mediterranean fast-casual restaurant because it is already a FinTech unicorn was it ideal to be listed on the stock market? The FinTech unicorn also noted that while the plans for the IPO are in motion, he has also suspended plans to raise additional capital from VCs and angel investors until the IPO in Egypt is done.
