Fintech Gaint Flutterwave Hires 200 Graduate Trainees Despite the Fintech Winter
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Fintech Gaint Flutterwave Hires 200 Graduate Trainees Despite the Fintech Winter

Africa’s fintech industry has advanced significantly during the past few years. Data from Disrupt Africa shows that in 2021, 564 African tech startups raised a total of $2.1 billion. According to data compiled by Futuregrowth Asset Management, the growth has continued into 2022 with inflows of $2.7 billion from January 2022 to May 2022, more than double the $1.2 billion in the first five months of last year.

Before the onset of the Russia-Ukraine crisis, 2022 was looking to be a significant year for global VC gains. A global economic slowdown, a decline in the capital and cryptocurrency markets, and worries of a US recession have all been brought on by this one significant historical event. Fintech investors began requesting more shares at the start of Q2 2022.

Fintech companies are, at best, halting all hiring or, at worst, laying off employees in large numbers as a coping mechanism since the whole global venture capital market is probably going through a “Winter.” Both large and small businesses, like Shopify, Coinbase, Twitter, Olive, and Meta, have been impacted by phenomenon. A hiring freeze has been issued by certain other businesses.

A few fractures have surfaced in the African Fintech ecosystem, indicating a possibility that the continent will be affected by the Global Winter. 15% of the workforce of Wave, a provider of mobile money payment technology for Francophone Africa, has been let go. Given that they secured an extra $90 million after raising $200 million previously—the largest Series A round—some industry observers say that this is not even closely related to the Fintech Winter.

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