Flutterwave’s CFO Oneal Bhambani Resigns

Flutterwave’s Chief Financial Officer, Oneal Bhambani, has resigned just 18 months after joining the fintech startup. Bhambani’s departure is the most notable exit from Flutterwave since 2018, when its co-founder and then-CEO, Iyin Aboyeji, left the company.

Bhambani shared his decision in a LinkedIn post, stating, “Last week, I made the difficult decision to end my tenure at the company. 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.”

In response to Bhambani’s departure, Flutterwave mentioned, “Oneal Bhambani has decided to pursue new opportunities. 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, at a time when Africa’s most valuable startup was dealing with allegations of financial improprieties and employee-related issues. He came to the payments company from American Express, where he served as the CFO of the US fintech’s small business lending arm, formerly known as Kabbage (now American Express Business Blueprint). With two decades of experience in finance, his appointment was expected to bring stability to the company, and he played a role in helping the company navigate fraud allegations in Kenya, East Africa’s largest economy, where Flutterwave did not have a license.

Bhambani joined Flutterwave alongside two other finance executives from Kabbage who had experience in corporate audits and treasury work. These executives, Rebecca Mendel and Oscar Lan, have also left the company, as indicated on their LinkedIn profiles, both departing in October.

Following the withdrawal of charges of financial impropriety by Kenyan prosecutors against the company, Flutterwave has returned to a phase of high growth and expressed intentions to list on the stock market, although the company has not provided a specific timeline for an IPO. The company introduced a new currency swap product for the Nigerian market and unveiled its revamped international payments app called Send App.

The CFO’s exit raises significant questions about the fintech company, which is backed by Tiger Global and carries a valuation of $3 billion, and its plans for an initial public offering (IPO).

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