Flutterwave has reportedly cut 50% of its staff in Kenya and South Africa, this is in a bid to reduce costs and move closer to profitability ahead of a potential public listing.

This comes less than a year after the company laid off 3% of its workforce, affects multiple departments. With the most impact seen in compliance, legal, and human resources (HR) teams. It is a sign that the fintech is rethinking its operations amid pressure from investors to deliver profits.

In Kenya, where the company had 20 employees, roughly half were laid off. Three other employees left voluntarily in the weeks that followed. One person disclosed that while some roles were eliminated, similar positions are now being rehired in Nigeria, Flutterwave’s largest and most established market.

“They’re cutting roles in countries they see as expensive to run,” said a source who asked not to be named to speak freely. “Flutterwave is also hiring for the same roles in the Nigerian market.”

In a statement, Flutterwave confirmed the cuts but said they were part of a broader performance and strategy-led review.

“These actions are a normal but necessary part of ensuring we operate at the highest level across every part of the business,” Flutterwave said. “We recognise and reward impact, and we make changes when expectations are not met.”

More than half of the South African team, mostly in sales, was also cut. Flutterwave declined to comment on the exact number of affected staff.

Fewer than eight employees are now believed to remain for Kenyan operations, mainly focused on compliance matters. Among those who voluntarily exited are Leon Kiptum, the company’s former regional manager for East Africa, and Saruni Maina, associate VP for stablecoins. Both joined Flutterwave in June 2023 as part of a bullish push into the Kenyan market.

Flutterwave said it issued bonuses and promotions to high-performing staff during the same review cycle. The fintech giant says it is focused on becoming “a disciplined, enterprise-focused company” built around “sustainable growth, profitability, and long-term value.”

The layoffs in its Kenya and South African offices come as Flutterwave continues to pursue critical regulatory licences in both markets. In Kenya, the company is applying for a Payment Service Provider (PSP) licence after receiving name approval from the Central Bank of Kenya in 2023. South Africa, a larger market for Flutterwave than Kenya, has yet to issue a PSP licence to the company.