San Francisco-headquartered, African-centred fintech company Flutterwave has guaranteed the safety of their customers’ funds, amidst reports of an alleged ₦11 billion security breach. 

On Thursday morning, TechCabal exclusive report states that some unidentified persons illegally transferred ₦11 billion ($7 million) from Flutterwave’s coffers to several accounts, in order to evade fraud checks.

While the incident was said to have happened in April, Flutterwave in a statement to TechCabal said, “As is common in the financial services industry, there will always be attempts by bad actors to compromise the security of systems set up to protect and monitor services.”

Despite the magnitude of the beach, TC’s source insisted that “no customer funds were lost or compromised, and the confidentiality of our customers’ data remains intact.”

As gathered, the incident has been reported to law enforcement agencies, and investigations are currently underway to bring the perpetrators to book.

This is the fourth security breach that has hit Flutterwave since the initial infraction in March 2023. The Africa’s highest-valued startup had lost about ₦22.45 billion from various illegal transactions in February, March and October 2023.