Flutterwave announces restructuring, lays off 24 workers

Flutterwave, a payment technology company, has laid off 24 workers, representing 3 percent of its workforce.

Olugbega Agboola, chief executive officer (CEO) of Flutterwave made the announcement in a statement on Monday.

According to Agboola, the move is part of its strategy to restructure and efficiently utilise the opportunities in its core business segments.

He added that the company made a data-backed decision to recommit resources to its core business; enterprise payments and has also committed to doing more with its growing remittance segment; ‘Send app’. 

“Consequently, we’ve made the difficult decision to support the transition of 24 Wavers accounting for 3% of our workforce,” Flutterwave said.

“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.”

Agboola further said an average of three months gross salary, depending on the country where the employee is based, will be paid.

“We will also be monetising your unutilised accrued leave days. You will continue to have free access to our professional training platform for 12 months after your transitioning,” he said.

“We will be providing you with free outplacement service for 3 months. For Wavers with stock options, we will support you with an additional vesting period of 6 months.

“You will have 3 months of free healthcare. You will continue to have access to our mental health and career coaches for 3 months post transitioning.”

For remaining employees, the CEO said there would be a company-wide compensation review.

This includes a market-aligned base salary increase for most employees and a new performance-based bonus structure tied to individual and team performance metrics.

Agboola said this was in response to recent employee feedback and a thorough analysis of market trends.

In addition, Flutterwave said it is expanding its remittance service, SendApp, to new markets and exploring ways to personalise its enterprise payment solutions.

“We’re in the process of operationalising some of the additional licenses we’ve received, which means that more countries will come online, for both senders and receivers,” the company added.

“For our enterprise solutions, we’re experimenting with ways to provide faster and more personalised support.”

Agboola also said the company will continue improving its solutions and ability to give customers the best-in-class services they deserve.