Ayodeji Ayenuwa
Flutterwave, a prominent fintech startup valued at $3 billion, recently witnessed the departure of three key finance executives, including Chief Financial Officer (CFO) Oneal Bhambani.
Bhambani, along with Oscar Lan and Rebecca Mendel, abruptly left their roles at the company after just 18 months. This unexpected exit has led to increased speculation about Flutterwave’s intentions regarding its anticipated stock market listing.
Bhambani, who joined Flutterwave in May 2022, played a significant role during a crucial period for the company. At that time, Flutterwave was dealing with allegations of financial misconduct and workplace harassment, particularly in response to fraud claims in Kenya, the largest economy in East Africa. He was seen as the figure who could bring stability to the organization.
In Bhambani’s LinkedIn post announcing his departure, he stated, “Last week, I made the difficult decision to end my tenure at the company.” He went on to express his gratitude, saying, “Thank you to Flutterwave for a seat on its journey to scale payments across Africa… I wish everyone at Flutterwave the best, and I will be rooting for you.“
- ATTENTION: Techrectory gives ₦5,000 monthly to our top readers, CLICK HERE to become a winner.
Flutterwave itself confirmed the departure, explaining, “Oneal Bhambani has decided to pursue new opportunities.” The company also revealed its interim plan, stating, “Israel Koledowo, Head of Finance for Africa, will lead the finance department on an interim basis as we embark on a global search for a new CFO.”
The departure of these finance executives comes on the heels of recent developments for Flutterwave. The company had faced allegations of financial misconduct and workplace harassment, which were later resolved.
It was also embroiled in money laundering allegations in Kenya, where over $40 million of its funds were frozen, although the charges were subsequently withdrawn in February 2023.
Flutterwave had been working to regain its momentum, announcing its intentions to go public, though not specifying a precise timeline for an initial public offering (IPO).
The company has launched various initiatives, including a currency swap product tailored for the Nigerian market and the Send App, an international payments app.
Moreover, Flutterwave has been diversifying into the consumer payments sector, broadening its portfolio.
The exit of Bhambani, alongside the departure of his colleagues Oscar Lan and Rebecca Mendel, raises significant concerns about Flutterwave, a fintech firm that boasts a valuation of $3 billion and strong backing from Tiger Global.
This sudden development has ignited questions about the company’s ambitious IPO aspirations.
Techrectory with Agency Report.
