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Flutterwave CFO Resigns Less Than Two Years After Joining Firm

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Flutterwave Inc. Chief Financial Officer (CFO) Oneal Bhambani is leaving Africa’s largest startup less than two years after joining the payments company.

The former American Express executive “made the decision to end” his tenure at the company last week and is going to India, where he will be “taking a breath to reconnect with old friends and colleagues,” according to his LinkedIn post Tuesday.

The former Flutterwave CFO Bhambani’s departure comes as the Lagos and San Francisco-based financial technology company prepares for an initial public offering amid allegations of financial impropriety in Kenya.

The venture capital-backed startup with a valuation of $3 billion took a hit in July last year, when the Kenyan High Court froze its bank accounts under anti-money laundering rules and the central bank said it wasn’t licensed to operate payments services in the country.

Flutterwave has attracted investments from venture capital firms including Tiger Global Management LLC, and works with companies including Alibaba’s Alipay, Uber Technologies Inc. and Netflix Inc.

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