According to Bloomberg, Flutterwave Inc, the popular African fintech, is preparing for an initial public offering on the Nasdaq stock exchange.
The San Francisco and Lagos-based company will use the funds to expand operations in its existing markets and enter new ones in Africa, according to Chief Financial Officer Oneal Bhambani.
“We have the attractive market potential and opportunity to do so now,” Bhambani said in an interview Friday. The listing is an initiative of the payments company that’s “reaching the scale and trajectory comparable to what other investors seemed to invest in the public markets,” he said, without giving further details.
Flutterwave, valued at more than $3 billion and backed by B Capital Group and Tiger Global Management LLC, had its bank accounts in Kenya frozen under anti-money laundering rules and the central bank said it isn’t licensed to operate payments services in the country.
Flutterwave has denied accusations of financial misconduct, including claims of money laundering in Kenya and irregularities related to stock options, and said it has taken action against those found culpable for any form of harassment in the company.