Flutterwave’s Chief Financial Officer (CFO), Oneal Bhambani, has stepped down just 18 months after joining the fintech startup, sparking uncertainty about the company’s intentions to go public.
In a LinkedIn post days ago, Bhambani announced his decision to leave the company, expressing gratitude for his time at Flutterwave and wishing them success.
Flutterwave confirmed his departure and mentioned that Israel Koledowo, Head of Finance for Africa, will temporarily lead the finance department while they search for a new CFO.
Bhambani joined Flutterwave in May 2022 amid financial allegations and workplace issues at the startup. He brought with him two finance executives from Kabbage. However, all three have now left the company, according to their LinkedIn profiles.
After facing legal issues related to financial impropriety in Kenya, Flutterwave has since regained momentum and expressed ambitions to go public, although they haven’t provided a specific timeline for an IPO.
The company has introduced new products, including a currency swap feature for the Nigerian market and an updated international payments app named Send App. They are also expanding into consumer payments in addition to their core business.
Bhambani’s departure is a significant development and raises questions about Flutterwave’s future, given its backing by Tiger Global and a valuation of $3 billion, and its plans for an IPO.
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