Flutterwave’s British subsidiary has written off its entire investment in Cyprus-registered payment provider Netinfopay Ltd. following regulatory pushback, marking the African fintech giant’s second failed European acquisition attempt in two years.

Flutterwave UK Limited resolved to write off the asset after receiving an objection from the Central Bank of Cyprus in May 2025, according to its latest annual financial disclosures. The decision deals a setback to the $3 billion startup’s strategy to expand its operational footprint across Europe.

“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,” the company said in its 2024 filings. “Accordingly, no adjustments have been made to the financial statements. This event is disclosed to ensure that users of the financial statements are aware of its nature and potential financial impact on future periods.”

Financial filings show Flutterwave UK has held 100 percent of Netinfopay’s ordinary shares since 2023. Netinfopay operates as a subsidiary of NETinfo Plc, a Cyprus-based provider of digital banking software and omnichannel financial solutions. The central bank’s specific grounds for blocking the transaction have not been publicly disclosed.

The Cyprus decision follows Flutterwave’s unsuccessful attempt in 2023 to buy Railsr, a distressed British banking-as-a-service platform, at a discounted valuation. Those discussions collapsed amid regulatory scrutiny from the U.K. Financial Conduct Authority, prompting Railsr to sell its assets to a consortium of existing investors via a pre-pack administration.

Led by Chief Executive Officer Olugbenga Agboola, Flutterwave has streamlined its operations over the past two years, shutting down consumer-facing products such as Barter and its creator platform Disha to focus on its remittance product, Send App, and enterprise payments business.

Despite the setback, Flutterwave UK maintains holdings in key international markets, including a stake in South African payments startup Ozow Proprietary Ltd. and a 25 percent holding in Cairo-headquartered gateway Paymob Technology Ltd.