Flutterwave, a leading African Fintech company, via a blogpost has announced a strategic shift in its operational focus to reinforce its core business and expand its growing remittance segment, Send App.
This decision which was made at the end of 2023 includes reallocating resources and restructuring teams to better capitalize on market opportunities. Consequently, as part of this strategic shift, Flutterwave faced the difficult decision to let go of 3% of its workforce.
Part of the blogpost reads,
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“At Flutterwave, we’ve continued to build solutions that enable us to be the bridge between Africa’s payments landscape and the rest of the world, helping multinationals across the world drive growth in Africa and African businesses take flight across the world. By the end of 2023 we made a data-backed decision to recommit resources to our core business; enterprise payments. We also committed to doing more with our growing remittance segment; Send App. As a result, we have rebuilt the teams to more efficiently utilise the opportunities in these markets.
“Consequently, we’ve made the difficult decision to support the transition of 24 Wavers accounting for 3% of our workforce. 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 is pointing us to 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.”
Moving forward, Fluttereave assured a smooth transition for laid off employees, offering several support measures which includes;
•Final Payment: An average of three months’ gross salary, based on the country of employment, along with monetized unutilized leave days.
•Education and Training: Continued free access to professional training platforms for 12 months post-transition.
•Career Support: Three months of free outplacement services.
•Stock Options: An additional six-month vesting period for employees with stock options.
•Healthcare: Three months of free healthcare.
•Mental Health: Access to mental health and career coaching services for three months post-transition.
Notably, Flutterwave is also addressing employee concerns to remain competitive. The company is implementing a new compensation framework, featuring base pay adjustments and performance-based bonuses. The new compensation structure places the company at the 95th percentile for junior employees and 85th percentile for senior employees.
The payment giant aims to remain the payment gateway of choice for enterprise businesses expanding into and across Africa. It further announced plans to continue improving its solutions and strengthening our ability to give its customers the best-in-class services they deserve.
Looking ahead, Flutterwave plans to enhance its services and expand its team in key areas such as risk, compliance, engineering, and finance. The company is also preparing to operationalize new licenses for Send App to broaden its geographic reach.
Flutterwave remains committed to being the leading payment gateway in Africa, emphasizing its mission to impact future generations and create a lasting legacy.