About seven months after a court in the East African country seized the bank accounts of Africa’s largest startup, Flutterwave Inc., the allegations of financial misconduct were withdrawn.
A Kenyan High Court document seen by Bloomberg and confirmed by Flutterwave’s lawyer, Robert Gitau, said that the charges were dropped.
Dropping the case will help Flutterwave, a financial technology company with offices in Lagos and San Francisco. The company plans to offer more services to help companies like Alibaba’s Alipay and Uber Technologies Inc. make cross-border transactions in multiple currencies.
In July, the court stopped the company from using its Kenyan bank accounts, which held more than $40 million, because it thought there had been financial wrongdoing, which the company denied.
Alice Mate, who runs the Assets Recovery Agency, which filed the case, didn’t respond right away to a request for comment sent after business hours on Friday, and a Flutterwave representative declined to comment when asked.
