Flutterwave lays off 30 employees three months after Barter wind-up
TLDR
- Flutterwave, Africa's largest startup, reduced its workforce by around 3%, impacting approximately 30 employees due to focusing on remittance and enterprise services.
- The affected roles were associated with products that no longer align with Flutterwave's strategic priorities.
- This change follows Flutterwave's recent decision to prioritize remittance and enterprise services as its main revenue drivers.
Three months after discontinuing Barter, Africa's largest startup Flutterwave has reduced its workforce by around 30 employees, representing about 3% of its total staff.
While Flutterwave did not specify which teams were affected, the impacted roles are reportedly associated with products no longer aligned with the company's strategic priorities. This development comes on the heels of Flutterwave's recent announcement to refocus its business on remittance and enterprise services, which are its main revenue drivers.
“After a thorough analysis of our strategic priorities, including a renewed focus on enterprise customers and remittances, we came to the conclusion that some roles within the organization are redundant," the firm said in a statement cited by TechCabal.
Key Takeaways
Since its inception eight years ago, Flutterwave has not implemented a workforce reduction plan until now. This step has become necessary to align resources with its future strategy and enhance operational efficiency. In March 2024, the fintech announced the discontinuation of Barter, its virtual card service, and three weeks later, it declared the temporary closure of Disha, a no-code platform, by March 31, 2024. In April 2024, Flutterwave reportedly suffered a security breach, resulting in a loss of ₦11 billion ($7.2 million). The funds were illicitly transferred to multiple accounts in small amounts to evade fraud detection, but customer funds were not impacted. Despite reducing its workforce in Nigeria, Flutterwave announced in May that it had received approval in principle for a payment aggregator license from the Bank of Mozambique. This approval enables Flutterwave to expand its operations into southern African markets and offer payment services in Mozambique.
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