African fintech leader Flutterwave laid off approximately 30 employees, representing about 3% of its workforce, in late June 2024. This strategic reduction followed the company's decision to sharpen its focus on its primary revenue drivers: enterprise services and remittances. As part of this realignment, roles linked to discontinued products, like the Barter platform shut down in March, were deemed redundant. The company, which had not conducted layoffs since its founding eight years prior, stated the move was necessary to improve operational efficiency and align resources with its long-term strategy, which includes preparing for a potential future IPO. Affected employees were offered severance packages including an average of three months' salary.
