Unicorn Fintech Flutterwave Names New CFO in Strategic Restructuring
TLDR
- Flutterwave names Mitesh Popat as new CFO to drive expansion and profitability amidst organizational changes.
- CEO Agboola stresses focus on enterprise solutions and remittances as core revenue drivers for the company's growth.
- Recent initiatives include shutting down Barter app, adjusting workforce, and strengthening leadership team in finance, risk, legal, and compliance.
Flutterwave, Africa's leading fintech startup, has appointed Mitesh Popat as its new Chief Financial Officer, replacing Oneal Bhambani, who stepped down 10 months ago. Valued at $3 billion during its Series D round in 2022, the company is focusing on expansion and profitability.
During Bhambani's 18-month tenure, Flutterwave resolved a money-laundering case in Kenya, expanded into new markets, and initiated plans for growth in key African regions. Popat will now oversee Flutterwave's next phase, which includes focusing on enterprise solutions and remittances, the company's core revenue drivers.
Flutterwave recently shut down its consumer finance app Barter, realigned its workforce by 3%, and reinforced its team with six new executives in finance, risk, legal, and compliance. CEO Olugbenga Agboola emphasized the importance of becoming a leading infrastructure player for Africa’s payment system.
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Key Takeaways
Flutterwave’s leadership changes, market expansions, and restructuring reflect its strategic shift to consolidate its core business—enterprise payments and remittances. Despite challenges such as regulatory hurdles and grid constraints, the fintech has remained resilient, with its flagship enterprise product generating 90% of its revenue. The company is also expanding into key markets across Africa and the U.S., aiming to hold more direct licenses to improve reliability and customer experience. Recent hires from Stripe, PayPal, and Citi bolster Flutterwave’s strategic positioning, making it well-prepared for potential future public offerings.
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