Flutterwave has written off Cyprus Investment after regulatory objection making it the second European deal falls through.
NewsOnline Nigeria reports that African fintech company Flutterwave has written off its entire investment in Cyprus-registered payment provider Netinfopay Ltd following regulatory objections from the Central Bank of Cyprus, marking its second unsuccessful European acquisition attempt in three years.
The decision was taken by Flutterwave UK Limited after receiving an objection from the Central Bank of Cyprus in May 2025, according to the subsidiary’s latest annual financial disclosures.
The development represents a setback to Flutterwave’s European expansion strategy as the $3bn fintech company continues efforts to strengthen its international operations.
In its 2024 financial filings, Flutterwave UK disclosed that it had resolved 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 the potential financial implications in subsequent 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 grounds for the Central Bank of Cyprus’s objection to the transaction have not been publicly disclosed.
The latest development 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, after which Railsr sold its assets to a consortium of existing investors through a pre-pack administration process.
The two unsuccessful transactions represent setbacks for Flutterwave’s efforts to expand its presence in European financial markets through acquisitions.
Led by Chief Executive Officer Olugbenga Agboola, the fintech company has also undertaken operational restructuring over the past two years, discontinuing some consumer-facing products as it refocuses on its core payments business.
Among the products shut down were Barter, its consumer-focused payment application, and Disha, its creator platform.
Flutterwave has since prioritised its remittance service, Send App, and its enterprise payments business as part of efforts to streamline operations and concentrate resources on its major business segments.
Despite the setback in Cyprus, Flutterwave UK continues to maintain investments in other international markets.
Its portfolio includes a stake in South African payments startup Ozow Proprietary Ltd and a 25 per cent holding in Cairo-headquartered payment gateway Paymob Technology Ltd.
The investments form part of Flutterwave’s broader international expansion strategy, which has focused on strengthening payment infrastructure, facilitating cross-border transactions and connecting businesses across African and international markets.
