Flutterwave, the Lagos-founded payments infrastructure company, has reached $500 million in annual recurring revenue — making it one of the highest-revenue technology companies ever built on the African continent — and is targeting a listing on the New York Stock Exchange in the first half of 2027, according to sources familiar with the matter.

The company, which was valued at $3 billion in its last private funding round in 2022, processes over 700 million transactions annually across 34 African countries and serves more than 1.3 million businesses ranging from street traders using its Flutterwave for Business app to large corporations processing payroll across multiple currencies.

Path to profitability

CEO Olugbenga Agboola told investors at a closed briefing in New York last month that the company achieved its first full year of profitability in 2025 after years of investing heavily in infrastructure, regulatory compliance and market expansion. The path to profitability was accelerated by the company's decision to pull back from consumer-facing products and double down on its core B2B payments infrastructure.