A payment technology startup, Flutterwave, has laid off twenty-four employees, or three percent of its workforce.
The news was released on Monday via a statement from Flutterwave’s CEO, Olugbega Agboola.
Agboola claims that the action is a component of their plan to reorganize and effectively take advantage of the prospects in their main business divisions.
He added that the company has committed to doing more with its expanding remittance sector, “Send app,” and that it has made a data-driven decision to reallocate resources to its core business, enterprise payments.
He said,
Agboola further said an average of three months gross salary, depending on the country where the employee is based, will be paid.
He said,
The CEO announced that there will be a review of compensation for all remaining staff. This comprises a new performance-based bonus structure linked to individual and team performance criteria, as well as a base wage increase for the majority of employees that is in line with the market.
Agboola stated that a careful examination of market trends and recent employee input were the reasons behind this.
Furthermore, Flutterwave announced that it is investigating methods to customise its enterprise payment solutions and is bringing its remittance service, SendApp, to additional regions.
TimesNow.com.ng earlier reported that Flutterwave has suffered another security breach, allowing unknown persons to divert N11 billion to various bank accounts.
Reports say the hackers illegally transferred the N11 billion (about $7 million) to several accounts in April 2024.
The incident happened one month after the company obtained a court order to recover another $24 million lost to unauthorised PoS transactions.
TimesNow.com.ng reported that with effect from March 31, 2024, Disha, a platform for creators that Flutterwave acquired in 2021, would be temporarily shut down.
The platform allows digital creators to curate, sell digital content, create portfolios and receive payments from their audience globally.
The company explained that the decision was necessary to reevaluate its objectives and realign its vision to better serve the creative community.
Source: TimesNow.com.ng
