A Kenyan court has frozen an account worth $40 million owned by fintech firm Flutterwave under the country’s money laundering laws.
A Kenyan court has frozen more than $40 million in accounts of Africa-focused fintech payments giant Flutterwave under the country’s anti-money laundering laws, court documents show.
Founded in 2016 in Nigeria and headquartered in San Francisco, the company specializes in personal and consumer financial transfers and is one of many fintech companies facilitating and leveraging the burgeoning African payments market.
Earlier this year, the company raised his $250 million, bringing the startup’s valuation to over $3 billion.
Kenya’s Asset Recovery Office has sought and obtained a High Court order to freeze multiple accounts in his three banks owned by Flutterwave Payment Technology Ltd., registered in Kenya.
Flutterwave has confirmed to Reuters that it owns it. A separate statement said the allegations of financial fraud in Kenya were “completely false”. It is no longer possible to trade more than 12 accounts with 3 banks holding Kenyan shillings.
“These orders are valid for 90 days as provided for in Section 84 of the Criminal Proceeds and Anti-Money Laundering Act,” Judge Esther Maina said after a full hearing and her one final order. said in a pending decision later time.
Flutterwave says its operations are regularly audited and regulators are tasked with ensuring ongoing compliance.
Originally published at https://businessdor.com on January 27, 2023.
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