Flutterwave, Africa’s leading payments technology company, has announced the appointment of Mitesh Popat as its new Chief Financial Officer (CFO). Popat, a former executive at Citi, brings with him two decades of experience in global financial services, which is expected to be pivotal in shaping Flutterwave’s next phase of growth and financial sustainability.
Mitesh Popat’s extensive background spans financial leadership roles across North America, Europe, the Middle East, and Africa. His most recent position was CFO for the Middle East and Africa at Citi, where he managed financial operations across 29 countries. He also served as CFO for Citi’s Global Equities Sales and Trading, overseeing financial management for a business generating $5 billion in revenue.
During his time at Citi, Popat worked closely with regional and divisional CEOs to guide strategic direction, optimize balance sheets, and communicate financial performance to a variety of stakeholders. His experience in navigating complex global financial ecosystems is expected to be crucial as Flutterwave continues its ambitious expansion across Africa and beyond.
In his new role, Popat will be responsible for Flutterwave’s corporate finance functions, ensuring that financial strategies align with the company’s growth objectives. With Flutterwave’s rapid scaling efforts, especially in African markets, his role will include overseeing resource allocation, driving operational efficiencies, and enhancing financial sustainability.
Commenting on his new position, Popat expressed enthusiasm for joining Flutterwave at a critical point in the company’s journey: “I have a deep understanding of the operating environment in Africa and the complexity of running a business in emerging markets. I am eager to apply my experience to help Flutterwave optimize its business model for sustained profitability.”
Popat’s appointment comes at a time when Flutterwave is reinforcing its leadership team, following a string of high-profile executive hires from leading global companies, including PayPal, Stripe, and Western Union. These appointments underscore Flutterwave’s commitment to improving its financial operations and risk management capabilities, particularly in compliance and loss prevention.
Flutterwave’s CEO, Olugbenga Agboola, welcomed Popat’s appointment, emphasizing his track record and vision: “We are delighted to have Mitesh join our team. His experience in global financial leadership and his familiarity with the African market are precisely what we need as we enter the next phase of our growth. His leadership will add significant value to our customers and strengthen Flutterwave’s position in the fintech ecosystem.”
Popat’s appointment comes after the resignation of Flutterwave ’s previous CFO, Oneal Bhambani, in 2023. Bhambani’s exit raised questions about the company’s leadership stability, particularly in light of Flutterwave’s planned Initial Public Offering (IPO). His departure, alongside two other finance executives, added a layer of uncertainty to the company’s future strategy.
Flutterwave has been grappling with legal and regulatory challenges, particularly in Kenya, where it faced scrutiny over financial improprieties. Despite these hurdles, the company has continued its trajectory of growth, buoyed by its valuation of $3 billion and a strong investor base that includes Tiger Global and other major players in the tech investment space.
Popat’s arrival is seen as a strategic move to stabilize the company and provide the financial leadership needed to navigate future challenges, including its anticipated public listing. His experience at Citi, where he managed financial operations and guided businesses through turbulent market conditions, makes him well-suited to this role. A CFO with experience in equities sales and trading is most likely to have a deep understanding of the financial requirements and processes involved in preparing a company for an IPO.
Flutterwave’s growth aspirations remain ambitious. With Popat at the financial helm, the company is positioned to strengthen its financial operations and continue its mission of connecting Africa to global markets. Popat’s leadership as the new CFO is expected to bring a fresh perspective to the company’s financial strategy, ensuring that Flutterwave remains competitive in the evolving fintech landscape while preparing for its long-term goal of going public.