By The audited accounts of FLUTTERWAVE UK LIMITED, company number 10593971, for the year ended 31 December 2024 were filed at Companies House on 19 September 2025. The company is active, was incorporated on 1 February 2017 and gives its registered office as 16 Great Queen Street, London WC2B 5AH. In Note 11 to those accounts, on post balance sheet events, the company records that it resolved after the balance sheet date to write off its investment in its Cyprus subsidiary, Netinfo Pay Limited. SecretsReporters investigation of the filed accounts shows that the reason recorded for the write off is an objection raised by the Bank of Cyprus, and that the accounts contain no description of what the objection concerned.
The auditor’s verdict comes first. Ward Divecha Limited, chartered accountants of Welbeck Street, London, through senior statutory auditor Adil Divecha, signed the audit report on 26 August 2025. The opinion is unqualified. The auditor found that the accounts give a true and fair view and reported no material uncertainties over the company’s ability to continue as a going concern. SecretsReporters makes no allegation of wrongdoing against Flutterwave UK Limited, its directors, its parent group or Netinfo Pay Limited, and none is named in the filings.
The year recorded in the accounts
Turnover for the year was £6,612,114, earned under a Business Support Service Agreement with the parent. The company recorded a loss for the year of £2,269,537, against a profit of £485,456 in 2023. Those results were reported in October 2025 in earlier coverage of the accounts, and they are set out here as the context for the Cyprus entry that coverage did not carry.
A separate line in the same accounts records a loss on disposal of an investment of £2,609,962. The accounts do not name the investment that was disposed of. The disposal loss is a charge in the accounts for the year ended 31 December 2024. It is recorded separately from the Cyprus write off, which the accounts place after the balance sheet date, and the accounts do not state that the two items are the same.
The Cyprus subsidiary
Netinfo Pay Limited, which trades as NETinfoPAY, is registered in Cyprus under company registration number 318472, with its registered office at 23 Aglantzias, Netinfo Building, 2108 Nicosia. Its own user agreement records that it is an electronic money institution holding authorisation number 115.1.3.15, granted by the Central Bank of Cyprus. Flutterwave UK Limited held 100 per cent of the company.
The Cyprus company sat inside a wider investment footprint disclosed in the same accounts. The accounts list associates in Paymob Technology Limited of Egypt, held at 25 per cent, and Ozow Proprietary Limited of South Africa, held at 2.82 per cent of the ordinary shares and 8.70 per cent of the preference shares. At group level, Flutterwave closed a Series E funding round in June 2026 at a valuation of $3.2 billion, in which Ripple took a stake.
The Central Bank of Cyprus is the licensing and supervisory authority for electronic money institutions in Cyprus under the European electronic money and payments framework as transposed into Cypriot law. Its supervisory powers include imposing conditions, requiring corrective measures, restricting business, suspending or withdrawing an authorisation and imposing administrative fines. In the United Kingdom, the Companies Act 2006 requires directors to prepare accounts that give a true and fair view, the standard the auditor applied in this case.
Note 11 records that after the balance sheet date the company resolved to write off its investment in Netinfo Pay Limited following the objection raised by the Bank of Cyprus in May 2025. The note gives no further particulars. It does not state the subject of the objection, it does not state any condition, restriction or penalty attached to it, and it does not state the value at which the investment had been carried before the write off.
