company

Flutterwave

Nigerian fintech unicorn valued at $3+ billion. Africa's most valuable startup. Has faced multiple security breaches, money laundering allegations in Kenya, and workplace misconduct allegations.

Track Record

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Lost ₦11 billion ($7M+) in security breach as perpetrators illegally transferred funds

Apr 1, 2024

negligent $31.0M

In April 2024, perpetrators illegally transferred ₦11 billion ($7 million) from Flutterwave to several accounts. A second insider claimed the amount was at least ₦20 billion ($13.5 million). This followed a February 2024 incident where Flutterwave was defrauded of up to $24 million through unauthorized POS transactions, with a court order secured to recover funds from over 6,000 Nigerian bank customers.

- Data Security

Sources: TechCabal

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Kenya froze $200+ million in accounts over money laundering allegations

Jul 7, 2022

incidental $200.0M

In July 2022, a Kenyan High Court froze accounts holding $43 million after the Assets Recovery Agency alleged accounts 'were used as conduits for money laundering.' Total frozen funds exceeded $200 million. In June 2023, another freeze covered 45 bank accounts following a petition by 2,000+ investors claiming Flutterwave helped defraud them of $12 million. Kenya cleared the company in November 2023 and released $52.5 million.

- Corporate Governance

Sources: Rest of World· Al Jazeera