How Flutterwave UK’s Expansion Led to a £2.27 Million Loss in 2024
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Flutterwave UK ended 2024 with mixed financial results. Strong revenue growth but a steep rise in losses. The company posted a net loss of £2.27 million for the year, compared to £485,000 in 2023, even as turnover climbed 21 percent to £6.6 million.
Despite the higher revenue, profits took a hit. Operating profit dropped sharply from £1.25 million to just £142,299, largely due to soaring administrative expenses. These rose from £4.2 million to £6.4 million, reflecting a growing workforce. Flutterwave UK’s headcount increased from 22 to 31 employees.
A significant factor in the loss was a £2.6 million hit from the disposal of an undisclosed investment. This one-off transaction, coupled with rising costs, weighed heavily on the year’s performance.
The company’s cash position also weakened considerably, with reserves falling from nearly £15 million in 2023 to just £743,000 by the end of 2024. Analysts suggest this could be tied to increased spending, operational losses, or liquidity challenges within the UK unit.
Other balance sheet changes were also notable. Receivables dropped sharply from over £4.5 million to just £10,000, possibly reflecting shifts in customer payments or internal accounting changes. While short-term liabilities reduced slightly, they remained above £12 million. Retained earnings also turned negative, moving from a £1 million surplus to a £1.25 million deficit.
The year also saw Flutterwave pull back from an earlier plan to acquire British fintech Railsr, a deal that ultimately didn’t go through. Still, the company has continued to strengthen its international footprint, securing licenses in the United States, Canada, and across several African markets to boost cross-border transactions.
In a statement to Techpoint Africa, Flutterwave noted that the 2024 loss was largely driven by a one-off investment disposal and did not reflect the company’s underlying strength. The firm pointed to its 2025 half-year results, which show doubled margins, 20 percent growth in enterprise payments, and progress on key regulatory milestones.
Speaking earlier this year, CEO Olugbenga Agboola reaffirmed Flutterwave’s goal of achieving profitability in 2025 but did not rule out the possibility of a future sale.
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