Flutterwave’s UK subsidiary has written off its entire investment in Cyprus-based payment firm Netinfopay Ltd. after facing regulatory opposition, marking the African fintech company’s second unsuccessful attempt to acquire a European business in two years, RaveNewsOnline reports.
Flutterwave UK Limited resolved to write off the investment after receiving an objection from the Central Bank of Cyprus in May 2025, according to its latest annual financial disclosures.
The decision deals a setback to the $3 billion startup’s strategy to expand its operational footprint across Europe.
“Subsequent to year-end, the company resolved to write off its investment in Netinfopay Ltd, following an objection received from The Bank of Cyprus in May 2025,” the company said in its 2024 filings.
“Accordingly, no adjustments have been made to the financial statements. This event is disclosed to ensure that users of the financial statements are aware of its nature and potential financial impact on future periods.”
Financial filings show that Flutterwave UK has held 100% of Netinfopay’s ordinary shares since 2023. Netinfopay is linked to NETinfo Plc, a Cyprus-based provider of digital banking software and omnichannel financial solutions.
The central bank has not publicly disclosed its specific grounds for objecting to the transaction.
The Cyprus decision follows Flutterwave’s unsuccessful attempt in 2023 to acquire Railsr, a distressed British banking-as-a-service platform, at a discounted valuation. Those discussions collapsed following regulatory scrutiny by the UK Financial Conduct Authority, prompting Railsr to sell its assets to a consortium of existing investors through a pre-pack administration.
Led by Chief Executive Officer Olugbenga Agboola, Flutterwave has streamlined its operations over the past two years, shutting down consumer-facing products such as Barter and its creator platform Disha. The company has since focused on its remittance product, Send App, and its enterprise payments business.
Despite the setback, Flutterwave UK maintains investments in other international markets, including a stake in South African payments startup Ozow Proprietary Ltd. and a 25% holding in Cairo-headquartered payment gateway Paymob Technology Ltd.
The Central Bank of Cyprus is the licensing and supervisory authority for electronic money institutions in the country under the European electronic money and payments framework, as transposed into Cypriot law.
Its supervisory powers include imposing conditions, requiring corrective measures, restricting business activities, suspending or withdrawing authorisations and imposing administrative fines.
