Flutterwave sacks 24 employees, to focus on enterprise payment

Flutterwave sacks 24 employees, to focus on enterprise payment

Flutterwave, a leading African payments technology company, on Monday announced a strategic restructuring that includes laying off 24 employees, repre

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Flutterwave, a leading African payments technology company, on Monday announced a strategic restructuring that includes laying off 24 employees, representing three per cent of its workforce.

This decision comes as the company refocuses its resources on core business areas, particularly enterprise payments and the growing remittance segment through its SendApp.

The founder and Chief Executive Officer of the company, Olugbenga Agboola, emphasised the data-driven nature of this decision, highlighting the need to adapt swiftly to market opportunities.

The company acknowledged the contributions of the departing employees, referred to as “wavers,” and expressed gratitude for their hard work and dedication.

“These Wavers are some of the most hardworking people you’d meet. We put in the work, and I can confidently say that at Flutterwave, we have a competent workforce where everyone actively contributes. But once the data and the business are pointing us in a specific direction, it would be counterproductive for us not to listen and create the right mechanisms to move faster on the opportunities awaiting us,” Agboola noted in a statement.

To support the transitioning employees, Flutterwave is providing a comprehensive severance package.

Additionally, Flutterwave is offering six months of stock option vesting, three months of free healthcare, and continued access to mental health and career coaches for three months.

The payment firm also announced a company-wide compensation review for the remaining employees.

The new structure includes upward adjustments to base pay and a performance-based bonus system, aligning compensation with market trends and employee feedback.

This move aims to position Flutterwave competitively within the industry, placing it in the 95th percentile for junior employees and the 85th percentile for senior employees.

The company said it plans to hire for key senior roles in risk, compliance, engineering, data, and finance, among other areas.

Flutterwave also noted that it is operationalising new licenses for its remittance service, SendApp, and expanding its reach to more countries for both senders and receivers.

The company said it will continue to prioritise feedback from its developer community and is preparing to roll out several improvements and updates.