Olugbenga Agboola, co-founder and CEO of finance startup Flutterwave, has bought a home in Miami Beach with six bedrooms and seven bathrooms, worth $7.1 million.
In the market for luxury properties, this is a substantial acquisition.
The Boschetti Group, a real estate development company, had previously owned the home. It bought the plot for $1.2 million in 2021 and constructed the house the following year.
Agboola, a businessman of Nigerian descent, established Flutterwave in 2016 with the intention of enhancing the payments infrastructure for banks and multinational corporations.
Since then, the fintech business has raised $474.5 million in capital, and last year it was valued at $3 billion.
Flutterwave, however, has recently encountered issues with security and legal compliance.
Earlier in the week, Gadgets Africa had reported that hackers had allegedly stolen over $4 million from the Nigerian Flutterwave accounts of the Unicorn, although the company reported the incident to the Lagos State Police and froze at least 2,000 user accounts, the company denied any hacking or loss of money.
Moreover, Kenya, Flutterwave’s second-largest market after Nigeria, has presented regulatory challenges.
In July 2022, the nation’s central bank issued an order for local banks to cut off their relationships with Flutterwave due to the company’s lack of a license and frozen accounts as a result of anti-money laundering regulations, but the matter has since been resolved.
Notwithstanding these difficulties, Agboola’s acquisition of a beautiful Miami Beach mansion demonstrates the ongoing success of Flutterwave and the opulent lifestyles led by many prosperous entrepreneurs in the tech sector.