Flutterwave & Jumia: Red-flagging African tech startups in global market - ITREALMS

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The latest report of insider trading and other allegations of operational scandals at Flutterwave echoes similar unethical deals that haunted Jumia shortly after its listing at the New York Stock Exchange in 2019.

Flutterwave, founded in 2016 by Nigerians was registered in the United States (headquartered in San Francisco). Going by its roaring success a few years after it opened shop, raising $170 million from a group of international investors to expand its customer base, which pushed its valuation up to more than $1 billion, it has been fittingly described as Africa’s unicorn.