Flutterwave’s Chief Monetary Officer (CFO) Oneal Bhambani has resigned simply 18 months after becoming a member of the fintech startup, elevating questions in regards to the firm’s plans to record on the inventory market.
“Final week, I made the tough resolution to finish my tenure on the firm,” he shared in a LinkedIn post on Tuesday. “Thanks to Flutterwave for a seat on its journey to scale funds throughout Africa… I want everybody at Flutterwave the most effective, and I will probably be rooting for you.”
“Oneal Bhambani has determined to pursue new alternatives,” stated Flutterwave in an e-mail to TechCabal. “Israel Koledowo, Head of Finance for Africa, will lead the finance division on an interim foundation as we embark on a worldwide seek for a brand new CFO.”
Bhambani joined Flutterwave in Might 2022 as Africa’s most beneficial startup contended with allegations of economic improprieties and worker bullying. He arrived on the funds firm from American Categorical, the place he was CFO of the US fintech’s small enterprise lending arm, previously referred to as Kabbage, now American Categorical Enterprise Blueprint. With 20 years of expertise working in finance, his arrival was anticipated to regular the ship, and he helped the corporate navigate fraud allegations in Kenya, East Africa’s largest financial system, the place Flutterwave didn’t have a license.
Bhambani joined Flutterwave alongside two different finance executives from Kabbage with expertise in company audits and treasury work. These executives, Rebecca Mendel and Oscar Lan. have additionally left the corporate. In response to their LinkedIn pages, they each exited the corporate in October.
After Kenyan prosecutors withdrew their charges of economic impropriety towards the corporate, Flutterwave has since returned to excessive progress territory and touted its plans to record on the inventory market though it has declined to offer a timeline for an IPO. The corporate launched a brand new foreign money swap product for the Nigerian market and launched its redesigned worldwide funds app referred to as Ship App. Flutterwave can also be doubling down on client funds along with its major enterprise section, which has fueled its progress for years.
Bhambani’s exit represents probably the most high-profile exit from Flutterwave since 2018, when its co-founder after which CEO, Iyin Aboyeji, left the corporate. The CFO’s departure, nonetheless, raises main questions in regards to the fintech, which is backed by Tiger World and valued at $3 billion, and its IPO plans.
*Editor’s word: This text has been up to date with a press release from Flutterwave