Flutterwave CFO, two finance executives resign months after company touted IPO plans

Flutterwave’s Chief Financial Officer (CFO) Oneal Bhambani has resigned just 18 months after joining the fintech startup, raising questions about the company’s plans to list on the stock market.

“Last week, I made the difficult decision to end my tenure at the company,” he shared in a LinkedIn post on Tuesday. “Thank you to Flutterwave for a seat on its journey to scale payments across Africa… I wish everyone at Flutterwave the best, and I will be rooting for you.”

“Oneal Bhambani has decided to pursue new opportunities,” said Flutterwave in an email to TechCabal. “Israel Koledowo, Head of Finance for Africa, will lead the finance department on an interim basis as we embark on a global search for a new CFO.”

Bhambani joined Flutterwave in May 2022 as Africa’s most valuable startup contended with allegations of financial improprieties and employee bullying. He arrived at the payments company from American Express, where he was CFO of the US fintech’s small business lending arm, formerly called Kabbage, now American Express Business Blueprint. With two decades of experience working in finance, his arrival was expected to steady the ship, and he helped the company navigate fraud allegations in Kenya, East Africa’s largest economy, where Flutterwave didn’t have a license.

Bhambani joined Flutterwave alongside two other finance executives from Kabbage with experience in corporate audits and treasury work. Those executives, Rebecca Mendel and Oscar Lan. have also left the company. According to their LinkedIn pages, they both exited the company in October.

After Kenyan prosecutors withdrew their charges of financial impropriety against the company, Flutterwave has since returned to high growth territory and touted its plans to list on the stock market although it has declined to give a timeline for an IPO. The company launched a new currency swap product for the Nigerian market and released its redesigned international payments app called Send App. Flutterwave is also doubling down on consumer payments in addition to its primary business segment, which has fueled its growth for years.

Bhambani’s exit represents the most high-profile exit from Flutterwave since 2018, when its co-founder and then CEO, Iyin Aboyeji, left the company. The CFO’s departure, however, raises major questions about the fintech, which is backed by Tiger Global and valued at $3 billion, and its IPO plans.

*Editor’s note: This article has been updated with a statement from Flutterwave