Flutterwave Moving Ahead With IPO Despite Woes in Kenya

African FinTech Flutterwave is moving ahead with preparations for an initial public offering (IPO) on the Nasdaq despite claims of financial impropriety by the Central Bank of Kenya (CBK) and its bank accounts being frozen by Kenya’s High Court.

“We have the attractive market potential and opportunity to do so now,” Chief Financial Officer Oneal Bhambani said, Bloomberg reported Tuesday (Aug. 30). “We are a growth company, we have a tremendous opportunity to invest and really develop solutions for the largest enterprises in the world that transact in Africa.”

Flutterwave is planning to use the proceeds from the public listing to grow its operations in current markets while exploring expansion into new African opportunities, Bloomberg reported. Bhambani came to Flutterwave in June from American Express, along with three other executives.

See also: Flutterwave Denies Kenyan Regulator’s AML Claims

Founded in 2016 and headquartered in Lagos, Nigeria, and Silicon Valley, Flutterwave provides payment infrastructure for global merchants and facilitates cross-border, multi-currency transactions. The company has a valuation of more than $3 billion and has been backed by B Capital Group, Alta Park Capital, Whale Rock Capital, Lux Capital, Tiger Global and others.

Kenya’s High Court locked the company out of its 52 multi-currency accounts, which are spread across three banks and hold more than $40 million, PYMNTS reported on July 7. Flutterwave was barred from “transacting, withdrawing, [or] transferring” any funds for 90 days based on claims of financial improprieties under anti-money laundering (AML) regulations.

Read more: Kenyan Central Bank Blocks FinTechs Flutterwave, Chipper

Following the High Court’s decision, the CBK directed banking and mortgage CEOs to stop doing business with Flutterwave because it wasn’t licensed to operate in Kenya. Flutterwave denied all accusations of financial misconduct, including claims of money laundering and stock option irregularities.

On the company’s website, Flutterwave stated that “claims of financial improprieties involving the company in Kenya are entirely false, and we have the records to verify this.”

For all PYMNTS EMEA coverage, subscribe to the daily EMEA Newsletter.