African fintech giant Flutterwave has suffered another setback in its European expansion drive after its British subsidiary wrote off its entire investment in Cyprus-based payment provider Netinfopay Ltd following regulatory opposition.
The development marks the company’s second unsuccessful European acquisition attempt in three years, raising fresh questions about its strategy of expanding its international footprint through acquisitions.
According to its latest annual financial disclosures, Flutterwave UK Limited resolved to write off the investment after receiving an objection from the Central Bank of Cyprus in May 2025.
The decision represents a setback for the $3bn fintech company, which has been seeking to strengthen its presence in international financial markets.
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In its 2024 financial filings, Flutterwave UK disclosed that it had decided to write off its investment in Netinfopay following the regulatory objection.
“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 stated.
It added that no adjustments had been made to the financial statements because the development occurred after the reporting year, but was disclosed to inform users of its potential financial impact on future periods.
Financial records showed that Flutterwave UK had held 100 per cent of Netinfopay’s ordinary shares since 2023.
Netinfopay operates as a subsidiary of NETinfo Plc, a Cyprus-based provider of digital banking software and omnichannel financial solutions.
However, the specific reasons behind the Central Bank of Cyprus’s objection to the transaction have not been publicly disclosed.
The latest setback follows Flutterwave’s unsuccessful attempt in 2023 to acquire Railsr, a distressed British banking-as-a-service platform, at a discounted valuation.
The proposed acquisition collapsed amid regulatory scrutiny from the United Kingdom’s Financial Conduct Authority, prompting Railsr to sell its assets to a consortium of existing investors through a pre-pack administration process.
The two failed transactions have complicated Flutterwave’s efforts to expand its European operations through acquisitions.
Led by Chief Executive Officer Olugbenga Agboola, the fintech company has also restructured its operations over the past two years, discontinuing some consumer-facing products to concentrate on its core payments and remittance businesses.
Among the products discontinued were Barter, its consumer-focused payment application, and Disha, its creator platform.
Flutterwave has since prioritised its remittance service, Send App, and enterprise payments business as part of efforts to streamline operations and focus on its major revenue-generating segments.
Despite the setback in Cyprus, Flutterwave UK maintains investments in other international markets, including a stake in South African payments startup Ozow Proprietary Ltd and a 25 per cent holding in Cairo-headquartered payment gateway Paymob Technology Ltd.
These investments remain part of the company’s broader strategy to strengthen payment infrastructure, facilitate cross-border transactions and connect businesses across African and international markets.
