Afrigather Flutterwave, Africa’s fintech large, has employed a number of high-profile executives to assist lead its threat and compliance efforts one month after the abrupt exit of its CFO.
Flutterwave, the African fintech large broadly believed to be contemplating an Preliminary Public Providing (IPO) on the NASDAQ, has named 5 new executives throughout its threat, compliance, and growth departments one month after Oneal Bhambani, its former CFO, abruptly left the company.
At the moment, Flutterwave shared the profiles of its new executives. Amaresh Mohan, Chief Threat Officer, joins from GoTo Group, one in all Indonesia’s largest startups. Amresh additionally had management positions at Stripe and Paypal. Stephen Cheng, who has held C-level positions at American Categorical and First Knowledge, is the EVP for international growth and cost partnerships, a job he has had since July.
Amanda Ortega, an skilled regulator in Wyoming, will lead Flutterwave’s regulatory requirements and compliance in North America as Head of Compliance for the USA. Flutterwave just lately acquired cash switch licences for 13 states in the USA.
Steven Huynh has additionally joined as VP of world growth and cost partnerships, whereas Chris Davis joins as VP of threat and compliance operations. Adewale Ayantoye joins as VP of threat administration.
These new executives may assist transmit confidence to the general public market and additional gasoline hypothesis that Flutterwave stays severe about its IPO plans. In August, Olugbenga Agboola, Flutterwave’s CEO, shared that the corporate was transferring forward with its IPO plans on the NASDAQ however declined to offer a timeline.
Whereas that offered gasoline for the speculative hearth, the exit of Bhambani, the corporate’s CFO and two different finance executives, in October, might have known as these plans into query.
At the moment’s announcement of recent hires might present much-needed confidence as Flutterwave recovers from legal troubles in Kenya and allegations of office bullying that known as its repute into query.
In February and March 2023, TechCabal reported that Flutterwave misplaced slightly over N3 billion in three safety incidents. Whereas Flutterwave denied all three incidents, it obtained court orders to freeze a number of Nigerian financial institution accounts throughout the similar interval.
In 2022, Flutterwave was sued by the Asset Restoration Company (ARA), over cash laundering and compliance considerations. Final month, the case was formally withdrawn, opening the door for Flutterwave to use for a Kenyan funds and remittance licence.
Final month, Flutterwave acquired a world switch license in Malawi; the startup additionally expanded into India just lately, and it obtained an Egyptian payment service license in June.
