Flutterwave, a Nigerian financial service firm is set to be listed on the second largest stock exchange in the world ‘Nasdaq’.
Founded in 2016, Flutterwave enjoys enormous patronage in Africa, especially in Nigeria. With a current market valuation of over $3 billion, Flutterwave is the most valued African Startup and a leading force in the African fintech industry.
Since its establishment, Flutterwave has processed more than 200 million transactions valued at over $16 billion across 34 countries in Africa with a customer base of almost a million.
Although the company was recently in the news for regulation discrepancies and financial impropriety in Kenya, it is however unperturbed.
The Lagos and San Francisco-based unicorn company has denied any allegation of financial malfeasance. It hoped that the listing on Nasdaq through an initial public offering (IPO) will help the company to scale up its business and further exploit the African market.
Flutterwave will use the proceed from the initial public offering to expand its operation in Africa, grow its cross-border payment and begin its lending services in Nigeria.
It intends to provide collateral-free loans of up to two million naira to businesses in Nigeria.
According to the Chief Financial Officer of the company, Oneal Bhambani Flutterwave has “attractive market potential and opportunity to do so now. We are a growth company, and we have a tremendous opportunity to invest and really develop solutions for the largest enterprises in the world that transact in Africa”
Once listed, Flutterwave will join a short list of African companies that has been listed on Nasdaq. Nasdaq has a very stringent regulation requirement which could be difficult for several Africa-based companies.
Some of these requirements include 1,250,000 publically traded shares outstanding upon listing and aggregate pre-tax earnings in the previous three years of at least $11 million.
Although a listing date is yet to be announced, a successful listing of Flutterwave on Nasdaq will position the company for its next phase of growth and also create an opportunity for any interesting individual to invest in the company.
