Flutterwave Lays off 24 Employees In New Restructuring Moves

Flutterwave, a leading payments technology company, has announced a strategic shift to recommit resources to its core business of enterprise payments and its growing remittance segment, the Send App.

The decision, the company claimed was backed by data, has led to a restructuring of teams to better capitalise on these market opportunities, resulting in the transition of 24 employees, accounting for 3% of the workforce.

Flutterwave CEO, Olugbenga Agboola, in a statement, expressed confidence in the capacity of exiting team members: “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”, he added.

According to the CEO, to support the departing employees, Flutterwave has put in place several measures. These include:

Final payment averaging three months’ gross salary,

The monetisation of unutilised accrued leave days,

Continued access to professional training platforms for 12 months,

Free outplacement services for three months,

An additional six-month vesting period for stock options,

Three months of free healthcare, and

Continued access to mental health and career coaching for three months.

“Thank you for joining us on this journey. I need you to know that we’ve got your back and will give you a smooth transition.

"We hope this softens the impact this sudden transition has on you personally and professionally", Olugbenga added in his post.

In response to recent employee feedback and market trends, Flutterwave is also implementing a comprehensive compensation review. This includes an upward adjustment in base pay for most employees based on thorough market analysis, and a new discretionary bonus structure tied directly to individual and team performance against specific, measurable KPIs.

“Our new compensation structure places us at the 95th percentile for junior employees and 85th percentile for senior employees,” the statement reads.

"Flutterwave notes that this is a strategic move to ensure that we are aligning our compensation strategy with employee needs and market trends while also building a high-performing team that is motivated, engaged, and committed to the company’s success.

"Looking forward, Flutterwave aims to solidify its position as the payment gateway of choice for enterprise businesses expanding into and across Africa. The company plans to enhance its solutions, improve customer service, and scale up its talent pool. This includes hiring for key senior roles in risk, compliance, engineering, data, and finance.

"For Send App, Flutterwave is operationalising new licenses, enabling more countries to come online for both senders and receivers. The company is also exploring ways to provide faster and more personalised support for its enterprise solutions and is preparing to roll out exciting updates for its developer community.

"Flutterwave is at a strategic point in its growth and we are not resting on our laurels. 

"We are taking this opportunity to speed up our growth, development, and innovation. The plan is to build a business that will impact the next generation of digital citizens in Africa and to build a business that will outlast us all. Once a Waver, always a Waver”, the statement concluded.