Flutterwave, the major player in African fintech, has brought in five key executives to strengthen its risk and compliance efforts, just a month after its CFO’s sudden departure.
Among the notable hires are Amaresh Mohan, previously with GoTo Group in Indonesia, as Chief Risk Officer, and Stephen Cheng, with extensive experience at American Express and First Data, as EVP for global expansion and payment partnerships.
Amanda Ortega, a regulatory expert from Wyoming, will lead compliance in North America, focusing on Flutterwave’s recent money transfer licence acquisitions in 13 U.S. states.
Steven Huynh and Chris Davis join as VP of global expansion and payment partnerships and VP of risk and compliance operations, respectively, while Adewale Ayantoye takes on the role of VP of risk management.
These strategic appointments come amid speculations about Flutterwave’s potential Initial Public Offering (IPO) on the NASDAQ.
In August, CEO Olugbenga Agboola confirmed the IPO plans without specifying a timeline. The recent executive hires aim to instill confidence in the public market, especially after the departure of the CFO in October raised questions about the IPO plans.
Flutterwave has faced legal challenges in Kenya and workplace bullying allegations. Earlier this year, the company denied security incidents that reportedly cost over N3 billion and obtained court orders to freeze Nigerian bank accounts.
In 2022, Flutterwave was sued by the Asset Recovery Agency (ARA) over money laundering concerns, but the case was withdrawn recently, enabling the company to apply for a Kenyan payments licence.
Despite these challenges, Flutterwave expanded its reach with licenses in Malawi, India, and Egypt.
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