Flutterwave Co-founder, Iyin Aboyeji has stepped down as CEO of the company, as fellow co-founder, Olugbenga Agboola takes over his role.
Although the circumstances surrounding Iyin’s stepping down and Olugbenga’s appointment seems unclear, the new CEO maintained that there are no issues. In a phone conversation with Techpoint, Olugbenga confirmed that “Because of the next phase of growth of the company, Iyin has chosen to step down for personal reasons, nothing else”. He explained that the move has always been part of an original transition plan, something that Iyin himself was probably privy to from inception.
“It’s just like the next thing that should happen is happening. This speaks to the fact that Flutterwave is not just a one-man organisation; the company is bigger than anybody right now”, Olugbeng added.
Meanwhile, in a statement published on his twitter handle, Iyin Aboyeji said that after much thoughts and prayer, he decided to step down from his role as CEO to focus on giving back to the startup community that he owes so much of his success to.
He expressed excitement on the successes of the company he has co-founded and expressed optimism that he would continue to work towards building the tech ecosystem on the continent.
Olugbenga would be combining his experience as a product manager at Google’s fintech product, Wallet and leading digital innovation at Access Bank to move the company forward. Some of his major first tasks will be to oversee Flutterwave’s impending expansion to 15 African countries. The fintech startup currently operates in Ghana, Kenya, Nigeria, South Africa and Uganda.
— Iyinoluwa Aboyeji (@iaboyeji) October 15, 2018
Meanwhile, Flutterwave recently concluded an extension of its Series A funding round with key participation from payments company Mastercard, CRE Ventures Fintech Collective, 4DX Ventures, Raba Capital among others. As part of the deal, Green Visor –who Chairman & General Partner (former CEO of Visa), Joseph Saunders has also joined the company’s Board of Directors. Flutterwave kick-started the Series A round over a year ago in July 2017, when it raised an initial $10m with Green Visor Capital and Greycroft Partners as investors at that time, both of which remain Flutterwave’s biggest investors regardless of the new round.
As part of the deal, Green Visor Capital Chairman & General Partner and former CEO of Visa, Joseph Saunders, has joined the Flutterwave Board of Directors. Joe, an experienced Venture Capitalist and Chief Executive Officer of a multibillion-dollar financial Services Company add colour to the readiness of the company to effectively continue operations post-funding phase.
Since, it’s founding in May 2016, Flutterwave has processed over $2.3 billion in payments across 60 million-plus transactions and partnered with several banks on the continent.