The Kenyan government has withdrawn charges of financial impropriety against Flutterwave Inc. according to Bloomberg. This comes seven months after a court in Kenya froze the company’s bank accounts over suspicions of financial impropriety, allegations which Flutterwave denied.
Flutterwave is a fintech company based in Lagos and San Francisco which offers its payments services to enable facilitating of cross-border transactions in multiple currencies. The Kenyan court had restricted access to the company’s Kenyan bank accounts, which held over $40 million, in July.
The withdrawal of the charges is a positive development for Flutterwave Inc which is preparing for an initial public offering on the Nasdaq stock exchange. Flutterwave was last valued at more than $3 billion and had raised more than $450 Million in VC Funding.
