In a strategic move announced on Monday, Flutterwave, a leading African payments technology company, has laid off 24 of its employees, accounting for three per cent of its workforce.
The restructuring was part of the company’s plan to refocus on its core business areas, particularly enterprise payments and the expanding remittance segment through its SendApp.
Founder and CEO of Flutterwave, Olugbenga Agboola, underscored the data-driven approach behind this decision, emphasising the need for swift adaptation 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. 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,” Agboola stated.
Acknowledging the contributions of the departing employees, referred to as “wavers,” the company expressed gratitude for their hard work and dedication.
To support the transitioning employees, Flutterwave is offering a comprehensive severance package. This includes an average of three-month gross salary, monetization of unutilized accrued leave days, 12 months of access to the company’s professional training platform, and three months of free outplacement services. Additionally, Flutterwave is providing six months of stock option vesting, three months of free healthcare, and continued access to mental health and career coaches for three months.
In tandem with the layoffs, Flutterwave announced a company-wide compensation review for the remaining employees. This new structure features upward adjustments to base pay and a performance-based bonus system, aligning compensation with market trends and employee feedback. The move aims to position Flutterwave competitively within the industry, placing it in the 95th percentile for junior employees and the 85th percentile for senior employees.
Flutterwave is also planning to hire for key senior roles in risk, compliance, engineering, data, and finance.