In an unexpected move following the announcement of plans for an initial public offering (IPO), Flutterwave’s Chief Financial Officer (CFO), Oneal Bhambani, has stepped down from his role. This development comes as a surprise, given that Bhambani was at the helm of the finance department for just 18 months after his high-profile induction into the fintech unicorn, Flutterwave, which is on the cusp of an IPO.
Bhambani’s departure, announced via a LinkedIn post, has sent ripples through the industry, as he was a significant figure in steering the company through periods of financial scrutiny.
How Flutterwave responded to his exit
Bhambani joined Flutterwave during a tumultuous time when the startup faced allegations of financial improprieties and internal turmoil. With his extensive experience at American Express and Kabbage, Bhambani’s leadership was seen as a beacon of stability and his efforts were instrumental in navigating the company through the allegations, especially in Kenya where Flutterwave faced legal hurdles.
The CFO’s resignation raises questions about the company’s IPO readiness and the impact on its valuation, which stands at $3 billion. Bhambani’s exit is the most prominent since co-founder Iyin Aboyeji’s departure in 2018 and follows the earlier exits of two other finance executives from Kabbage, further thinning the company’s upper financial echelons.
Flutterwave has responded to Bhambani’s exit by appointing Israel Koledowo, Head of Finance for Africa, as the interim CFO. Meanwhile, the company has embarked on a global search for a new CFO to take forward its IPO journey.
Flutterwave’s CEO, Olugbenga ‘GB’ Agboola, has emphasized the company’s rigorous preparation for the IPO, although details about the timing and venue remain closely guarded.
Flutterwave on the lookout for an IPO
As Flutterwave prepares for its IPO, the company continues to expand aggressively. It has introduced new products like the currency swap feature in Nigeria and the Send App for international payments. Flutterwave’s performance indicators remain strong, with substantial daily transaction volumes and a growing merchant network.
Despite the shake-up in its finance department, Flutterwave’s march towards an IPO appears unabated. The company’s resilience in the face of change reflects its commitment to scaling payments across Africa and beyond, solidifying its position as a leader in the fintech space.
As Flutterwave navigates this transition, the market awaits to see how the company will maintain its growth trajectory and fulfill its IPO ambitions.
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