Flutterwave UK experienced a significant downturn in its financial performance for the fiscal year ending December 2024, reporting a net loss of £2.27 million. This marks a substantial increase from the £485,000 loss recorded in 2023, despite a 21% rise in turnover, which reached £6.6 million during the period. The company's operating profit also saw a dramatic decline, plummeting by nearly 89% to £142,299, a sharp drop from the £1.25 million achieved in the previous year.

Several factors contributed to this financial slump. A primary driver was the considerable increase in administrative expenses, which escalated from £4.2 million in 2023 to £6.4 million in 2024. This surge in expenses is likely linked to an expansion in the company's workforce, as its headcount grew from 22 to 31 employees over the course of the year, incurring higher personnel costs. Additionally, Flutterwave UK reported a notable one-off loss of £2.6 million on the disposal of an investment. While the company chose not to disclose specific details about the asset sold, this event played a significant role in widening the reported losses.

The company's financial position also underwent other critical shifts. Cash reserves saw a drastic reduction, falling steeply from nearly £15 million in 2023 to a mere £743,000 in 2024. This sharp decline suggests increased operational spending, the impact of the operating losses, or broader challenges in generating cash flow within its UK operations. Furthermore, amounts owed to Flutterwave UK decreased dramatically, from over £4.5 million to just £10,000, indicating potential changes in customer payment patterns or internal accounting methodologies. Despite a reduction in short-term liabilities, they remained substantial, exceeding £12 million. The company's retained earnings also swung into a deficit, moving from a positive £1 million to a negative £1.25 million.

In a statement provided to Techpoint Africa, Flutterwave acknowledged the year's results, stating, "In 2024, Flutterwave UK posted a positive operating profit. A one-off item from strategic investment disposals impacted the year-end result but not the underlying strength of the business." The company emphasized that its group's half-year 2025 results present a more optimistic picture, highlighting doubled margins, 20% year-on-year growth in enterprise payments, and the securing of key regulatory milestones. Earlier reports from 2023 indicated Flutterwave was in discussions to acquire British fintech firm Railsr, though this deal apparently did not materialize. Despite the UK arm's challenges, the broader company has continued its expansion, securing licenses in the US, Canada, and several African markets to bolster its cross-border payments services and strengthen its presence in key remittance corridors. CEO Olugbenga Agboola, speaking to Semafor, expressed the company's target of achieving profitability in 2025, while also not ruling out the possibility of a future sale.