Flutterwave, the prominent African fintech firm, has made several key executive appointments in its risk and compliance divisions, signaling a strategic move amid its IPO considerations. The announcement comes a month after the abrupt departure of the company’s CFO, Oneal Bhambani.
Here are the newly appointed executives:
1. Amaresh Mohan – Chief Risk Officer: Amaresh Mohan, formerly associated with GoTo Group, one of Indonesia’s largest startups, has taken on the role of Chief Risk Officer. His previous leadership positions at Stripe and PayPal bring valuable experience to Flutterwave.
2. Stephen Cheng – EVP for Global Expansion and Payment Partnerships: Stephen Cheng, with previous C-level positions at American Express and First Data, has been appointed as the Executive Vice President for Global Expansion and Payment Partnerships. Cheng has been in this role since July.
3. Amanda Ortega – Head of Compliance for the United States: Amanda Ortega, a regulatory expert with experience in Wyoming, will lead Flutterwave’s regulatory standards and compliance efforts in North America. This appointment aligns with Flutterwave’s recent acquisition of money transfer licenses for 13 states in the United States.
4. Steven Huynh – VP of Global Expansion and Payment Partnerships
5. Chris Davis – VP of Risk and Compliance Operations
6. Adewale Ayantoye – VP of Risk Management
These executive appointments are seen as a move to strengthen Flutterwave’s risk management, compliance, and global expansion efforts. It also comes amid speculation about the company’s potential Initial Public Offering (IPO) on the NASDAQ. In August, Flutterwave’s CEO, Olugbenga Agboola, confirmed the company’s intention to proceed with an IPO but did not provide a specific timeline.
While the recent executive hires may instil confidence in the market, Flutterwave has faced challenges, including legal issues in Kenya and security incidents in Nigeria. Despite these challenges, Flutterwave has expanded its international presence, acquiring licenses in Malawi and Egypt, and entering the Indian market. The company’s IPO plans and strategic hires reflect its commitment to growth and navigating the complex landscape of African and global fintech.