Flutterwave, Africa’s most valuable fintech startup, has lost its CFO Oneal Bhambani and two other finance executives in the past month. Bhambani resigned last week after 18 months at the company, thanking Flutterwave for the opportunity and wishing them the best. Flutterwave said he left to pursue new opportunities and appointed an interim finance head while searching for a new CFO.
Bhambani came from American Express, where he was CFO of the small business lending arm. He joined Flutterwave along with Rebecca Mendel and Oscar Lan, who also worked at American Express and left Flutterwave in October. They were expected to help Flutterwave with its financial management and IPO plans, as the company faced fraud allegations in Kenya, where it operated without a license.
Flutterwave has since resolved the legal issues in Kenya and continued to grow its business across Africa and beyond. The company launched a new currency swap product in Nigeria and a redesigned international payments app called Send App. Flutterwave also expanded its consumer payments segment, which complements its core B2B payments offering.
Bhambani’s departure is the biggest shake-up at Flutterwave since its co-founder and former CEO Iyin Aboyeji left in 2018. It raises questions about the company’s stability and readiness for an IPO, which it has hinted at but not confirmed. Flutterwave is backed by Tiger Global and valued at $3 billion.
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