Africa’s $3 Billion Payment Startup Flutterwave Presses Ahead With IPO Plans

Flutterwave Inc., Africa’s largest startup, is pressing ahead with plans for an initial public offering after making headway in resolving allegations of financial impropriety in Kenya so that it can access more and bigger international partners, its chief executive officer said.

Olugbenga Agboola, who is also a co-founder of the pan-African payments company, brushed aside accusations that it had refused to honor former employees’ stock rights, and that staff were harassed and bullied, saying these were “very, very isolated,” cases and they wouldn’t affect the planned share sale. The company has won approval for the first step in securing the right to operate in Kenya, a key African market, he said.