Flutterwave, a leading African payments technology company, announced on Monday that it has laid off 24 employees, which is three percent of its workforce. This decision is part of a strategic restructuring to concentrate on core business areas, particularly enterprise payments and the expanding remittance segment through its SendApp.
Olugbenga Agboola, Flutterwave’s founder and CEO, explained that this move is based on data-driven insights, emphasizing the need to adapt quickly to market opportunities.
“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,” Agboola said in a statement.
He added, “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.”
To support the employees who are leaving, Flutterwave is offering a comprehensive severance package. This includes an average of three months’ gross salary, monetization of unused accrued leave days, 12 months of access to the company’s professional training platform, and three months of free outplacement services.
Additionally, the departing employees will receive six months of stock option vesting, three months of free healthcare, and continued access to mental health and career coaches for three months.
Flutterwave also announced a company-wide compensation review for the remaining employees. The new structure includes increases in base pay and a performance-based bonus system, aligning compensation with market trends and employee feedback.
This move aims to make Flutterwave competitive within the industry, positioning it in the 95th percentile for junior employees and the 85th percentile for senior employees.
Furthermore, Flutterwave plans to hire for key senior roles in areas such as risk, compliance, engineering, data, and finance. The company is also working on operationalizing new licenses for its remittance service, SendApp, and expanding its reach to more countries for both senders and receivers.
Flutterwave stated it will continue to prioritize feedback from its developer community and is preparing to roll out several improvements and updates.