Flutterwave, Africa’s leading payments technology company, has announced the appointment of Mitesh Popat as its new Chief Financial Officer (CFO). This move comes as part of the company’s ongoing efforts to strengthen its leadership team and accelerate growth. Popat’s extensive background in global financial services, particularly in emerging markets, positions him to play a pivotal role in Flutterwave’s future expansion.

Mitesh Popat’s Background

Mitesh Popat brings with him over two decades of experience in the financial services industry, having worked across North America, Europe, the Middle East, and Africa. Before joining Flutterwave, he held several executive roles at Citi, a leading global bank. Most notably, he served as the Chief Financial Officer for the Middle East and Africa region, where he oversaw financial operations in 29 countries. Popat also held the role of CFO for Global Equities Sales and Trading, where he provided financial leadership for a $5 billion revenue business.

His tenure at Citi equipped him with an in-depth understanding of operating within complex financial ecosystems, particularly in emerging markets like Africa. His experience in managing diverse financial operations will be instrumental in helping Flutterwave achieve its strategic goals and maintain financial sustainability.

Role at Flutterwave

As the new CFO, Mitesh Popat will oversee Flutterwave’s corporate finance functions, ensuring that the company’s resources are strategically allocated to support its growth objectives. He will focus on driving operational efficiency, enhancing financial performance, and optimizing Flutterwave’s business model for sustained profitability. Popat’s expertise in finance and operational management will be key in steering the company through its next phase of growth and ensuring that it remains competitive in Africa’s burgeoning fintech landscape.

In his statement regarding the new role, Popat expressed excitement about joining Flutterwave at a critical juncture in the company’s journey. He emphasized his deep understanding of the African market and his commitment to leveraging this knowledge to contribute to the company’s success.

Welcoming Remarks from Flutterwave’s CEO

Flutterwave’s founder and CEO, Olugbenga ‘GB’ Agboola, warmly welcomed Popat to the company, stating that his extensive experience aligns with Flutterwave’s ambitious goals of connecting Africa to the global economy. Agboola also highlighted Popat’s strong financial acumen and leadership qualities, which will be vital in driving value for the company’s diverse range of customers, including both enterprise merchants and retail remittance users. Agboola further reiterated Flutterwave’s commitment to attracting top talent from global organizations, as demonstrated by recent high-profile executive appointments from companies like PayPal, Stripe, and Western Union.

Flutterwave’s Recent Developments

Popat’s appointment follows a series of leadership changes at Flutterwave. The company has been making strategic moves to bolster its executive team, including the recent departure of former CFO Oneal Bhambani and Chief Operating Officer Bode Abifarin. These changes coincide with Flutterwave’s evolving product strategy, which has shifted focus toward enterprise and remittance services. Earlier in 2024, Flutterwave discontinued its Barter virtual card service, which accounted for only 1% of its $2 billion transaction volume, as well as its Disha platform, reflecting the company’s pivot in response to changing market demands.

Additionally, Flutterwave has been gearing up for an initial public offering (IPO), with CEO Agboola confirming that the company is making significant strides in its preparations. The appointment of Popat, along with other leadership hires, signals Flutterwave’s intent to reinforce its governance and financial management as it moves closer to going public.

Mitesh Popat’s appointment as CFO marks an important milestone for Flutterwave as it continues to strengthen its leadership team and refine its financial strategies. With his extensive experience across global markets and a proven track record of financial leadership, Popat is well-positioned to guide Flutterwave through its next phase of growth. His leadership will not only enhance the company’s financial sustainability but also support its broader mission of expanding access to financial services across Africa. Flutterwave’s continued investment in top talent and strategic leadership further solidifies its position as a key player in the African fintech landscape.