In a significant development at Africa's leading fintech company, Flutterwave has announced the departure of its Chief Financial Officer (CFO), Oneal Bhambani, along with two other senior finance executives. Bhambani stepped down last week after serving 18 months in the role.
The departures include Rebecca Mendel and Oscar Lan, who also previously worked at American Express. All three executives were brought in to strengthen Flutterwave's financial management and guide potential plans for going public (IPO).
Despite these changes, Flutterwave continues to show strong business momentum. The company has:
- Successfully resolved previous legal challenges in Kenya
- Launched a new currency swap product in Nigeria
- Released an improved international payments platform (Send App)
- Expanded its consumer payment services alongside its main business-to-business operations
While the company searches for a new permanent CFO, an interim head of finance has been appointed. This marks the most notable leadership change since co-founder Iyin Aboyeji's departure in 2018.
Flutterwave, currently valued at $3 billion and backed by investment firm Tiger Global, maintains its growth trajectory despite these organizational changes. However, the timing of these departures has raised questions about the company's IPO preparations, though no official timeline has been announced.
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