Flutterwave has written off its entire investment in Cyprus-registered payments company Netinfo Pay Ltd following an objection from the Bank of Cyprus, according to disclosures filed by its UK subsidiary at Companies House. The disclosure appears in the accounts of Flutterwave UK Limited for the year ended December 31, 2024, filed on September 19, 2025.
In a note on post-balance sheet events, the company states: “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.”
Flutterwave UK Limited held 100% of Netinfo Pay’s ordinary shares. The company, which trades as NETinfoPAY, is an electronic money institution authorised by the Central Bank of Cyprus under authorisation number 115.1.3.15 and is linked to NETinfo Plc, a provider of digital banking software.
The filing does not establish whether the objection related to its e-money authorisation, ownership structure, or operational arrangements. It also does not state whether Flutterwave attempted to resolve the issue before writing off the stake, nor does it indicate that the regulator revoked Netinfo Pay’s licence or ordered it to cease operations.
This coincides with a loss-making year for the UK subsidiary. Flutterwave UK reported a turnover of £6.61 million for 2024, earned under a Business Support Service Agreement with its parent, and a loss of £2.27 million, compared with a profit of £485,456 in 2023.
The accounts also record a separate £2.61 million loss on disposal of an investment. The filing does not identify that investment and does not link it to the subsequent write-off of Netinfo Pay. The audit report was signed on August 26, 2025, with an unqualified opinion. The figures relate to Flutterwave UK Limited and not the consolidated Flutterwave group.
Flutterwave has not publicly commented on the circumstances of the objection.
