Flutterwave Lays Off 24 Employees, Shifts Focus to Enterprise Payments

Flutterwave, a leading African payments technology company, has laid off 24 employees, representing three percent of its workforce. This move is part of the company’s broader strategy to refocus on its core business areas, particularly enterprise payments and the expanding remittance segment through its SendApp.

Olugbenga Agboola, Founder and CEO of Flutterwave, highlighted the data-driven rationale behind this decision, stressing the importance of adapting swiftly to market opportunities. “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,” Agboola stated.

Flutterwave expressed its gratitude for the contributions of the departing employees, offering a comprehensive severance package to support their transition. This package includes an average of three months’ gross salary, monetization of unused accrued leave days, 12 months of access to the company’s professional training platform, and three months of free outplacement services. Additionally, Flutterwave is providing six months of stock option vesting, three months of free healthcare, and continued access to mental health and career coaches for three months.

In line with the layoffs, Flutterwave announced a company-wide compensation review for its remaining employees. The new compensation structure includes upward adjustments to base pay and a performance-based bonus system, aligning with market trends and employee feedback. This initiative aims to position Flutterwave competitively within the industry, placing it in the 95th percentile for junior employees and the 85th percentile for senior employees.

Furthermore, Flutterwave is planning to hire for key senior roles in risk, compliance, engineering, data, and finance, reinforcing its commitment to strengthening its core business operations.