Nigeria-based digital payments company and Africa’s most valuable startup, Flutterwave, has announced readiness for an Initial Public Offering (IPO). The company has also made changes to its corporate team as part of moves aimed at preparing for an initial public offering.
An IPO is an initial public offering (IPO) in which shares of a private company are made available to the public for the first time. This allows a company to raise equity capital from public investors.
The fintech’s CEO, Olugbenga Agboola, spoke at Semafor’s World Economy Summit in Washington, D.C., on April 18. Agboola described Flutterwave’s hopes for a public offering as part of a broader future agenda. “Right now, our goal is to be IPO-ready, ensuring we have the right corporate governance in place, making sure we are operating well,” Agboola said.
“Key among the milestones for being IPO ready are recent hires, including a new board chair, new independent directors, and experienced executives to fill roles needed to “translate tech speak” for directors,” he added.
Despite recent exits at the company, including the CFO, Oneal Bhambani, Flutterwave has been reinforcing its leadership by hiring executives from major companies like Stripe, PayPal, and American Express. The company has faced legal issues and fraud attacks but continues strengthening its regulatory compliance and investor confidence.
