Flutterwave Announces Mitesh Popat, Ex-Citi Executive, as Its New Financial Chief Officer

Flutterwave, the African payments giant, has made a significant move in its pursuit of growth and financial stability by appointing Mitesh Popat as its new Chief Financial Officer (CFO). The announcement comes nine months after the departure of former CFO Oneal Bhambani and several months after the company reassessed its product strategy.

Popat, with two decades of experience in global financial services across various markets, brings a wealth of knowledge to Flutterwave. His deep understanding of the operating environment in Africa and the complexities involved in running a business in emerging markets is expected to contribute significant value to Flutterwave's customers, both enterprise merchants and retail remittance clients.

In a statement, Popat expressed his aim to leverage his experience to foster Flutterwave's growth while optimizing its business model for sustained profitability. He also emphasized the importance of building profitability and operational transparency, a priority for the company as of mid-2025.

The appointment of Popat comes at a crucial time for Flutterwave, which is actively working toward an Initial Public Offering (IPO), possibly a dual listing on Nigeria’s NGX and the NASDAQ. However, the timing and details remain uncertain due to valuation pressures, regulatory approvals, leadership changes, and past controversies.

The significant exits of Bhambani and Bode Abifarin, the Chief Operating Officer of Flutterwave, who departed the company after six years of leading its operations in March 2024, have raised concerns regarding Flutterwave's highly anticipated IPO plans.

Despite these challenges, Flutterwave continues to make strides in its business. In 2023, the company relaunched its international remittances product, Send App, and introduced additional offerings to assist local businesses in exchanging international currencies. However, in March 2024, Flutterwave decided to discontinue the underperforming Barter, a virtual card and international payments service.

Popat's responsibilities as CFO will include managing Flutterwave's corporate finance functions. His efforts are expected to have a positive impact on the broader African fintech ecosystem and play a key role in steering Flutterwave's next phase of growth and financial sustainability.

Flutterwave Announces Mitesh Popat, Ex-Citi Executive, as Its New Financial Chief Officer