META: Fintech startup Flutterwave announces a roster of high-profile hires, indicating significant growth.
If the new faces at Flutterwave are any indication, the company is preparing for something big. The fintech platform, which has been hailed as one of Africa’s most valuable startups, has hired up-and-coming executives away from some of the biggest companies in technology.
By onboarding new executives from industry titans like Citi, Stripe, PayPal, and Square, Flutterwave is asserting that it deserves a place beside some of the sector’s most elite performers, as well as signaling that it’s a premier destination for top talent.
While it’s impossible for an outsider to know what Flutterwave’s exact plans might be, its most recent hiring surge contains clues to what might be in store for the pre-initial public offering enterprise. Here are a few of the signals the company could be sending about its concerns for the present, plans for the future, and beliefs about the state of global financial technology.
A Nod Toward Security
As a leader in Africa’s burgeoning fintech sector, the company has long prioritized the safekeeping of its clients’ personal data, and made fast, secure transactions the backbone of its appeal. Still, Flutterwave is no stranger to cybersecurity breaches. In February, the company scored a court order to recover 19 billion Nigerian nairas ($24 million) of illegally transferred funds held by 6,000 accountholders. Weeks later, the company suffered another breach to the tune of 11 billion nairas. So when Flutterwave announced it had hired away the chief risk officer from Indonesia’s most valuable startup, it signaled a new level of diligence.
Amaresh Mohan was recently tapped to become the first CRO in Flutterwave’s eight-year history. According to a company press release, Mohan will oversee “all aspects of risk management, including compliance, trust, and safety.”
Before Mohan onboarded at Flutterwave, the company folded its risk management and security concerns into larger departments. Now that Flutterwave has grown to include over 40 countries across Africa — as well as 29 U.S. states and other nations in Europe, Asia, and North America — the company appears to be acknowledging the challenges that come with rapid expansion.
By hiring such a notable and public CRO (Mohan was most recently in charge of risk at GoTo, the largest digital ecosystem in Indonesia, the world’s fourth most populous country), Flutterwave could be signaling a deepened commitment to providing safe and secure transactions.
In addition to Mohan, Flutterwave further bolstered its risk management team by making two other big-name hires.
Chris Davis, formerly of Scottrade and Square/Cash App, has been named the company’s new vice president of risk operations, and Adewale Ayantoye, the former director of financial crimes operations at Etsy, will serve as the vice president of risk management.
Combined, they have more than 30 years of experience managing and overseeing risk for fast moving, global technology companies.
Bringing in three well-known and well-respected names to head up Flutterwave’s risk management and security operations is a signal to market watchers and investors the company is fully equipped to meet the security challenges of expansion into new markets like Egypt and parts of Asia.
Thinking Big
In addition to Mohan, Flutterwave brought in Amanda Ortega as its new head of compliance.
Ortega is a 20-year veteran of the banking industry, with most of her experience coming on the regulatory side. More specifically, Ortega served as a chief bank examiner and deputy banking commissioner for the state of Wyoming.
Hiring Ortega sends a strong indication that Flutterwave has only begun its reach into the North American market.
Flutterwave first launched its remittance service, known as Send App, in the United States and Canada in 2023. Send was originally created to help members of the African diaspora, mainly Africans who are working overseas, wire money back home through a safe, secure, and inexpensive channel.
Just two years after Flutterwave created the product, it was available in parts of North America. Even more recently, the company was granted licenses to operate its money transfer service in additional states, bringing that total to 29.
With Ortega on board, Flutterwave seems poised to expand its operations in America. Her knowledge of the U.S. regulatory framework should help the startup to more quickly expand the reach of the Send App — and possibly more.
Flutterwave’s Emphasis on Partnerships
Also joining the fintech startup is Steven Huynh, who previously served in executive roles at Western Union, Sigue, and Wyre.
At Flutterwave, Huynh steps into the role of vice president for global expansion and payment partnerships.
As a longtime executive in the payments space, Huynh has the contacts and soft skills to be effective and build bridges between Flutterwave and other companies. Whether it’s working with traditional financial service providers like banks and wire transfer services or more recent entrants to the space, such as cryptocurrency companies, Huynh is an ideal conduit through which Flutterwave can make new connections.
The Big Picture
Taken together, the new hires hint at broad outlines of the company’s future plans. If the company intends to get the most out of its new executives’ experiences and expertise, it’s likely that the market will soon hear many new plans.
Even Flutterwave’s chief executive wasn’t shy about admitting that his new cohort of C-suite leaders is part of a broader strategy that is focused on both expansion and security.
“We are excited to welcome Amaresh, Amanda, Steven, Chris, and Wale to Flutterwave,” Flutterwave CEO and founder Olugbenga “GB” Agboola said. “This is a big step forward on our journey to build sustainable, safe, and secure payment solutions that connect Africa to the world and vice versa. Their wealth of experience will help us maintain an atmosphere of sustainable growth and a constructive environment for our people. They will help us solidify our commitment to providing excellent payment services to existing and potential enterprises and individuals from across the world.”
And on Sept. 5, Flutterwave announced that it had added to that lineup by hiring Mitesh Popat as Flutterwave’s new chief financial officer. Prior, Popat was Citi’s CFO for the Middle East and Africa regions.
“We have an ambitious goal to connect Africa to the world and Mitesh embodies our vision with his experience working extensively within Africa in a global capacity,” said Agboola in a statement. “He shares our values of customer obsession and we’re certain that with his impressive track record in financial management, he will contribute to the next phase of our growth.”
With top-level talent and global ambitions, Flutterwave is increasingly becoming an important company for investors, competitors, and entrepreneurs to watch very closely.
