Flutterwave’s Chief Monetary Officer (CFO) Oneal Bhambani has resigned staunch 18 months after becoming a member of the fintech startup, raising questions concerning the firm’s plans to checklist on the stock market.
“Final week, I made the complicated decision to cease my tenure at the firm,” he shared in a LinkedIn submit on Tuesday. “Thanks to Flutterwave for a seat on its bolt to scale funds all over Africa… I want all people at Flutterwave the handiest, and I will probably be rooting for you.”
“Oneal Bhambani has made up our minds to pursue unique alternatives,” acknowledged Flutterwave in an electronic mail to TechCabal. “Israel Koledowo, Head of Finance for Africa, will lead the finance division on an interval in-between basis as we embark on a world stumble on for a brand unique CFO.”
Bhambani joined Flutterwave in Would possibly per chance also honest 2022 as Africa’s most priceless startup contended with allegations of financial improprieties and employee bullying. He arrived at the funds firm from American Specific, where he used to be CFO of the US fintech’s minute industrial lending arm, beforehand called Kabbage, now American Specific Trade Blueprint. With two many years of expertise working in finance, his arrival used to be expected to regular the ship, and he helped the firm navigate fraud allegations in Kenya, East Africa’s ideal economic system, where Flutterwave didn’t absorb a license.
Bhambani joined Flutterwave alongside two diversified finance executives from Kabbage with expertise in corporate audits and treasury work. Those executives, Rebecca Mendel and Oscar Lan. absorb additionally left the firm. In step with their LinkedIn pages, they every exited the firm in October.
After Kenyan prosecutors withdrew their costs of financial impropriety against the firm, Flutterwave has since returned to excessive development territory and touted its plans to checklist on the stock market though it has declined to provide a timeline for an IPO. The firm launched a brand unique forex swap product for the Nigerian market and launched its redesigned global funds app called Ship App. Flutterwave is additionally doubling down on user funds as properly as to its fundamental industrial section, which has fueled its development for years.
Bhambani’s exit represents the most excessive-profile exit from Flutterwave since 2018, when its co-founder after which CEO, Iyin Aboyeji, left the firm. The CFO’s departure, alternatively, raises predominant questions concerning the fintech, which is backed by Tiger World and valued at $3 billion, and its IPO plans.
*Editor’s level to: This text has been as much as this level with a assertion from Flutterwave