Flutterwave, a prominent player in the African payment sector, has recently announced the appointment of Mitesh Popat as the new Chief Financial Officer (CFO). This strategic move comes nine months after the departure of the company’s previous CFO, Oneal Bhambani.
Before joining Flutterwave, Mitesh Popat held several high-ranking positions at Citi, including the role of CFO for the Middle East and Africa region, as well as for the Global Equities Sales and Trading division. In his new role at Flutterwave, Popat will be responsible for managing the company’s corporate finance functions.
Popat brings with him a wealth of experience, having worked in the global financial services industry for over twenty years, spanning various markets. His expertise is expected to play a pivotal role in steering Flutterwave towards a new chapter of growth and ensuring the company’s financial health and sustainability. The company expressed confidence in Popat’s capabilities in a recent statement.
In his remarks, Popat emphasized his comprehensive understanding of the operational landscape in Africa and the intricacies involved in managing a business in emerging markets. He expressed his intention to leverage his extensive experience to contribute to Flutterwave’s expansion and to refine the company’s business model to achieve long-term profitability.
Popat steps into the CFO role, succeeding Bhambani, who resigned from the fintech startup after an 18-month tenure. Flutterwave also saw the departure of its Chief Operating Officer, Bode Abifarin, in March 2024, after a six-year stint overseeing the company’s operations. These notable executive exits have sparked discussions and speculation regarding Flutterwave’s much-anticipated plans for an Initial Public Offering (IPO).
The recruitment of Popat aligns with Flutterwave’s recent strategic shift in product focus, emphasizing enterprise services and remittance solutions. In March 2024, the company made the decision to discontinue Barter, a service it launched in 2017 that offered virtual cards and international payment options, due to underperformance. In contrast, 2023 marked the relaunch of its international remittances platform, Send App, alongside the introduction of new services designed to assist local businesses with international currency exchanges.
Olugbenga Agboola, the CEO of Flutterwave, highlighted the significance of Popat’s role, stating that his contributions will not only enhance value for the company’s customers, which include enterprise merchants and individuals seeking remittance services, but also bolster the broader African fintech ecosystem.
