A court in Kenya has frozen more than US$40-million in accounts belonging to Africa-focused payments giant Flutterwave under the country’s anti-money laundering laws, court documents showed.

Founded in 2016 in Nigeria, the San Francisco-headquartered firm specialises in individual and consumer transfers, one of several fintech firms facilitating and capitalising on Africa’s booming payments market.

Earlier this year, the firm raised $250-million, valuing the start-up at more than $3-billion.

Kenya’s Assets Recovery Agency sought and was granted a high court order to freeze several accounts, with three belonging to Kenyan-registered Flutterwave Payment Technology.

Flutterwave confirmed it owned the company. It said in a separate statement that claims of financial impropriety in Kenya were “entirely false”.

The court order, which is dated 1 July, stops Flutterwave from any transactions from more than a dozen accounts with three banks, which held $43-million in dollars, sterling, euro and Kenyan shillings.

“These orders shall subsist for a period of 90 days as provided in section 84 of Proceeds of Crime and Anti-Money Laundering Act,” Judge Esther Maina said in a ruling pending a full hearing and final order at a later date.