Why I step down as Flutterwave CEO-Iyinoluwa Aboyeji

Contrary to speculations that Iyinoluwa Aboyeji, the immediate paste chief executive officer of Flutterwave was forced out of the company he co-founded in 2016, he has confirmed that the decision to step down from the position is for him to focus on giving back to the startup community he owes so much of his success to.

In a statement made available to 789MARKETING, Aboyeji said, “Today (October 15, 2018) will be my last day at Flutterwave. After much thought and prayer I decided to step down from my role as CEO and focus on giving back to the startup community I owe so much of my success to.”

While thanking the board and management staff of the company, he stated that, “Just a little over 2 years ago in May of 2016, myself and my co-founders at Flutterwave started on this unlikely and amazing journey to build payments technology and infrastructure that could connect Africa to the global economy and usher in a new wave of prosperity across Africa. We knew it would be an incredibly difficult and intriguing mission but we never imagined we would have the kind of impact we did so quickly.”

According to him, 2 years later, the team at Flutterwave has built one of the world fastest growing payments business of all time from Africa, processing over N700 billion in payments across over 50 million transactions generating revenues in the billions of naira.”

He said, “Beyond its scale, it’s human impact has been profound, from connecting thousands of riders and drivers to daily enabling thousands of families in Diaspora share prosperity with their love ones at home. It has been an incredible privilege to lead the team through an era of incredible growth and impact. I wouldn’t trade this experience for the world,” he added.

Aboyeji said that this would have been impossible without the hard work and genius of the talented team of young people who are Flutterwave, the incredible support of our investors and advisors and the good will of so many who have been our biggest champions and advocates.”

However, the integrated payments platform, has announced Olugbenga Agboola, the company’s Chief Technology Officer, as the new CEO.

According to a statement released by Flutterwave recently, Agboola, who is also a Co-founder of the company, is a financial technology engineer with core financial technology experiences, having worked with Paypal, Google, GTBank, Access bank and StanbicIBTC Bank.

“On behalf of the entire Flutterwave team, we wish E (Iyinoluwa) luck in his future endeavours,” said Agboola. “Moving forward; the entire Flutterwave team and I are excited for Flutterwave’s future and look forward to growing the company.”

Recently, the company announced the completion of its Series A Extension round of financing. The latest round of financing includes investments from Mastercard, CRE Ventures, Fintech Collective, 4DX Ventures and Raba Capital. With this round, Flutterwave has raised over $20 million in funding.

Founded in 2016 and headquartered in San Francisco, Flutterwave is building modern payment technology and infrastructure for Africa to enable people and businesses connect with the global economy. The company currently operates in Ghana, Kenya, Nigeria, South Africa and Uganda. It has processed over N700 billion across 50 million transactions.