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Africa Unicorn Maps Nasdaq IPO Unfazed by Regulatory Hurdles

  • Flutterwave accused of financial impropriety in Kenya
  • Tiger-backed startup plans to expand into lending services
Updated on

Flutterwave Inc., an Africa-focused financial technology firm, is preparing for an initial public offering on the Nasdaq stock exchange, even as it deals with regulatory hurdles in its key markets.

The San Francisco and Lagos-based company will use the funds to expand operations in its existing markets and enter new ones in Africa, according to Chief Financial Officer Oneal Bhambani. The executive along with three others joined the company in June from American Express Co. as Flutterwave moves to bolster corporate governance at a firm that’s struggling with allegations of financial impropriety.