African payments giant Flutterwave has appointed Mitesh Popat as chief financial officer (CFO).
The appointment comes nine months after former CFO Oneal Bhambani left the company.
Popat, who was CFO at Citi, held executive positions including CFO for Middle East and Africa and Global Equities Sales and Trading.
He will from now on, oversee Flutterwave’s corporate finance functions.
Flutterwave CEO,Olugbenga Agboola highlighting the roles of the new CFO said;
“As our new CFO, his work will be adding value to our customers – both enterprise merchants and retail remittance customers, as well as the African fintech ecosystem.”
Flutterwave has expressed its confidence in Popat’s two decades of experience in global financial services across different markets.
Popat will be instrumental in driving Flutterwave’s next phase of growth and financial sustainability. the company said in a statement.
The new CFO also reaffirmed the company’s expetation in his statement;
“I have a deep understanding of the operating environment in Africa and complexity of operating an emerging market business and I plan to bring my experience in growing Flutterwave, while optimising our business model for sustained profitability,” Popat said.
Flutterwave has experienced high-profit exits lately raising questions about its IPO plans.
First was ex- CFO Bhambani who resigned just 18 months after joining the fintech startup.
Next was the exit of its chief operating officer, Bode Abifarin in March 2024. Abifarin left the company after six years of leading its operations.
The company has also made major changes in its product strategy to focus on enterprise and remittance.
In 2023, it relaunched its international remittances product, Send App, and launched other offerings to help local businesses swap international currencies.
In March 2024, it shut down Barter, a virtual card and international payments service it launched in 2017