Flutterwave appoints former American Express exec as new CFO

Nigerian paytech company Flutterwave announced that it has appointed Oneal Bhambani as its new chief financial officer (CFO).

Flutterwave’s new CFO Oneal Bhambani

Bhambani joins Flutterwave from American Express, where he served as vice president, CFO and head of capital markets of Kabbage, a fintech platform offering credit, banking and payments solutions.

In his earlier role at Kabbage, Bhambani helped lead its sale to American Express in 2020 and subsequent integration.

The appointment follows Flutterwave’s Series D funding round in February 2022, when it raised $250 million at a valuation of more than $3 billion.

In the new role, Flutterwave says Bhambani will help in the company’s expansion with “best-in-class discipline, operational controls and financial rigour”.

Commenting on the Bhambani’s appointment, Olugbenga Agboola, founder and CEO of Flutterwave, says, “His track record of operating finance to enable scale and innovation with listed company standard financial controls will help us accelerate our growth as we continue to meet the needs of our expanding global customer base.

“I am also looking forward to working with Oneal on deal-related initiatives, given the number of inorganic opportunities we are seeing in today’s market environment.”

The African paytech firm also hired Rebecca Mendel, former Kabbage controller, and Daniel Eidson, former Kabbage head of treasury and tax, both of whom will report directly to Bhambani.

Flutterwave enables businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables cross-border transactions via one API.

Since its inception in 2016, Flutterwave claims to have processed over 200 million transactions worth over $16 billion across 34 African countries.