Let's keep this going

Sign up today to receive our daily news briefs featuring a handful of the most important stories in business, tech, and life. Delivered weekdays and Sunday.

EMAILED ON October 16, 2018 BY Wes Schlagenhauf

Good news and bad news: Flutterwave raises $20m, but loses its founder

Quartz reports that a year after raising a $10m Series A round, the leading Nigerian fintech company Flutterwave announced an extension of its Series A which brings its total funding beyond the $20m target.

Unfortunately, the celebration will be bittersweet: its high-profile CEO, Iyinoluwa Aboyeji, unexpectedly announced his resignation from the company — his second exit from a company he co-founded in less than 5 years.

Oh boy, Aboyeji

Aboyeji, undoubtedly one of the biggest names in Nigeria’s tech-iverse, will exit the role a little over 2 years after he co-founded the payment solutions startup.

His unexpected departure mirrors his 2016 exit from Andela — a company that trains software developers in Africa and pairs them with tech companies — 2 months after the company’s $24m series B led by the Chan Zuckerberg Initiative.

Flutterwave, one of the most well-regarded startups of Africa’s fintech space, has quickly become a leading player in online payments, processing 60m transactions worth over $2B from global companies like Uber, Booking.com, and more.

So, what’s next?

Aboyeji has been a serial entrepreneur since he was at university, so it’s fair to assume this won’t be the last of him.

In a farewell message via Twitter, the 27-year-old says he will now spend his time to “pursue family goals” and plans to consult local startups.

Olugbenga Agboola (also a co-founder of Flutterwave) will replace Aboyeji as CEO.

Get news (like this) delivered by email every morning

Easy there partner...

TO read this story, Enter your email below

let's save the world together