Introduction

Flutterwave, a prominent payments technology company, has announced a strategic shift to strengthen its focus on its core business of enterprise payments and its expanding remittance service, the Send App. This decision, driven by data, has led to a restructuring that affected 24 employees, representing 3% of its workforce.

Strategic Realignment Based on Data

In a statement, Flutterwave CEO Olugbenga Agboola emphasized the rationale behind this move. He highlighted the importance of aligning the company's resources with market opportunities, ensuring the business remains competitive and agile.

“These Wavers are some of the most hardworking people you’d meet,” Agboola stated. “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.”

Support for Departing Employees

To assist the transitioning employees, Flutterwave has implemented several supportive measures:

  • Final Payment: Averaging three months’ gross salary.
  • Accrued Leave: Monetisation of unutilised accrued leave days.
  • Professional Training: Continued access to training platforms for 12 months.
  • Outplacement Services: Free services for three months.
  • Stock Options: An additional six-month vesting period.
  • Healthcare: Three months of free healthcare.
  • Mental Health and Career Coaching: Continued access for three months.

“Thank you for joining us on this journey. I need you to know that we’ve got your back and will give you a smooth transition,” Agboola added.

Comprehensive Compensation Review

In response to employee feedback and market trends, Flutterwave is implementing a thorough compensation review. This includes:

  • Base Pay Adjustment: An upward adjustment for most employees based on market analysis.
  • Discretionary Bonus Structure: Tied directly to individual and team performance against specific KPIs.

“Our new compensation structure places us at the 95th percentile for junior employees and 85th percentile for senior employees,” the statement reads. This strategic move ensures alignment with employee needs and market trends while fostering a motivated and high-performing team.

Future Focus: Enhancing Solutions and Expanding Reach

Looking ahead, Flutterwave aims to solidify its position as the preferred payment gateway for enterprise businesses across Africa. The company plans to:

  • Enhance Solutions: Improving its payment solutions and customer service.
  • Scale Talent Pool: Hiring for key senior roles in risk, compliance, engineering, data, and finance.

For the Send App, Flutterwave is:

  • Operationalizing New Licenses: Enabling more countries to come online for both senders and receivers.
  • Personalized Support: Exploring ways to provide faster and more personalized support for enterprise solutions.
  • Developer Community Updates: Preparing to roll out exciting updates for its developer community.

“Flutterwave is at a strategic point in its growth and we are not resting on our laurels,” Agboola noted. “We are taking this opportunity to speed up our growth, development, and innovation. The plan is to build a business that will impact the next generation of digital citizens in Africa and to build a business that will outlast us all. Once a Waver, always a Waver,” the statement concluded.