Flutterwave UK Limited, the British subsidiary of the African payments giant, posted its first loss since expanding operations, weighed down by rising administrative costs and payroll expansion even as revenue continued to grow.
The UK company reported a net loss of £2.2 million (N4.3 billion) for the 2024 financial year, reversing a profit of £485,456 (N559 million) in 2023, according to regulatory filings. This is the first time the UK arm saw profits bleed since it began public disclosures in 2021.
The decline came despite gains on the top line. Turnover reached £6.6 million (N12.59 billion) in 2024, up 21 percent from £5.4 million (N6 billion) the previous year. This is due to the revenue generated through internal business support service agreements with its parent company. Under those intra-group arrangements, the U.K. entity is reimbursed for operational support costs plus an agreed mark-up.
However, operating expenses outpaced top-line expansion. Administrative expenses eroded profit margins, driven in part by headcount growth. It rose 53 percent to £6.4 million (N12.32 billion) from £4.2 million (N4.84 billion) in 2023.
The company’s average workforce increased to 31 employees in 2024 from 22 in 2023, increasing personnel costs.
The financial results come alongside portfolio write-downs for the London-based unit. As previously reported, Flutterwave UK resolved to write off its entire investment in Cyprus-based payment provider Netinfopay Ltd. following an objection from the Central Bank of Cyprus in May 2025. The regulatory block marked the fintech unicorn’s second failed European acquisition attempt, following its unsuccessful bid to acquire distressed U.K. banking-as-a-service provider Railsr in 2023.
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2023: £1/N1,152.85
2024: £1/N1,905
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