- 2000 investors filed a lawsuit against Flutterwave fintech company, Africa's massive payment technology company.
- Flutterwave has collaborated with 86 Football Technology as a sports betting company.
- The company had defrauded investors of $12.04 million.
Flutterwave has made a name as Africa's leading fintech solution but faced a complete year with these allegations. The company became the unicorn of online payment solutions in Africa.
Despite the allegations and lawsuit, Flutterwave successfully expanded its business into the USA and Europe. Investors like Microsoft, Token io, and Audiomack started strategic partnerships with Flutterwave.
Let's learn about Flutterwave, Scandal, and its journey to success.
Flutterwave:
Flutterwave is an African fintech company running an online payment system.
Flutterwave CEO is Olugbenga Agboola. With new investors from the USA and Europe, the company is now gaining access to 13 markets in the USA.
Flutterwave works with brands like Uber, Netflix, Microsoft, Token, Audiomakc, etc.
What is Flutterwave Scandal?
Flutterwave Scandal came to light in 2022. The company was facing a massive list of allegations, such as security breaches, sexual harassment, mismanagement, and operational and ownership issues.
Flutterwave allegations are not limited to misbehavior and mismanagement; there are also allegations of insider trading. Former Flutterwave employee Clara Wanjiku Ordero has posted on Medium and X (Formerly Known as Twitter.) She also accused Flutterwave CEO Olugbenga Agboola of sexual harassment.
Allegations have put the reputation of Flutterwave at risk. These allegations also reflect the discomfort and employer-employee relationships in the company.
Even though Flutterwave was facing too many allegations about its operations, it is believed that the company will easily manage to get rid of bad press and grow in the future due to its importance in the African economy and business systems.
Flutterwave satisfies the maximum volume of clients and investors. It is the reason that the company will not fail even after the allegations.
Other issues with Flutterwave:
- Flutterwave accounts in Kenya with $200 million were frozen due to money laundering allegations. But now, the case has been withdrawn, and they can access these funds.
- The company accounts were hacked, and $3.6 million was stolen from customer money.
Flutterwave's new collaborations:
- On 6 June 2023, Flutterwave announced the collaboration with Token.io to enter into the European and UK markets.
- On 21 July 2023, another announcement was made detailing a collaboration with Audiomack, an American music-streaming website.
- 22 July 2023, Flutterwave signed a 5-year agreement with Microsoft to improve Azure transactions in Africa.
Conclusion:
Fultterwave has successfully managed to save its reputation due to its influence on the African economy. The fintech unicorn, Flutterwave, is the leading African payment system expanding its branches in the U.K., USA, and Europe.
The company has also fixed issues within the management and system to avoid future problems.
Flutterwave Scandal is not the first one. Here are more.
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