Flutterwave Denies Impropriety After Kenyan Court Freezes Funds

Flutterwave Inc. denied reports of financial impropriety after Kenya’s High Court froze the startup’s bank accounts holding more than $40 million.

The money, held in 52 multi-currency accounts in three banks, can’t be moved following the order based on an application by the Assets Recovery Agency under anti-money laundering rules. Flutterwave is prohibited from “transacting, withdrawing, transferring” the funds, according to the court document obtained from the court.