African payments giant Flutterwave has appointed Mitesh Popat as Chief Financial Officer (CFO), filling the role nine months after the departure of former CFO Oneal Bhambani.
Popat previously held executive roles at Citi, including CFO for the Middle East and Africa, and Global Equities Sales and Trading. In his new role, he will be responsible for overseeing Flutterwave’s corporate finance functions.
With two decades of experience in global financial services across various markets, Popat is expected to play a key role in driving Flutterwave’s next phase of growth and ensuring its financial sustainability, according to the company’s 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.
The ex-Citi CFO replaces Oneal Bhambani, who resigned just 18 months after joining the fintech startup. In March 2024, Flutterwave’s Chief Operating Officer, Bode Abifarin, also departed after six years of leading operations. These high-profile exits had sparked concerns regarding the company’s much-anticipated IPO plans.
Popat’s appointment follows a strategic shift by Flutterwave to focus on enterprise and remittance services. In March 2024, the company discontinued Barter, a virtual card and international payments service launched in 2017. In 2023, Flutterwave revitalized its international remittances product, Send App, and introduced new offerings to help local businesses manage international currency exchanges.
“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,” said Olugbenga Agboola, Flutterwave CEO.
