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Flutterwave, a payment technology company, lays off 24 employees (3% of its workforce) to focus on core business areas. CEO Olugbenga Agboola announced generous severance packages and compensation reviews for remaining staff. The company is expanding its remittance service, SendApp, and enhancing personalized enterprise payment solutions.

Flutterwave, a leading payment technology company, has laid off 24 employees, amounting to 3% of its workforce, as part of a strategic restructuring effort. The announcement was made by Olugbenga Agboola, Flutterwave's CEO, in a statement on Monday.

Agboola explained that the decision was driven by data-backed analysis, aiming to refocus resources on the company's core business areas: enterprise payments and the expanding remittance segment, particularly the ‘Send app’.

“We've made the difficult decision to support the transition of 24 Wavers, representing 3% of our workforce,” Agboola stated. He praised the departing employees, highlighting their dedication and contributions to the company's success.

To ease the transition, Flutterwave is offering generous severance packages. Affected employees will receive an average of three months' gross salary, depending on their country of residence. Additionally, unutilized accrued leave days will be monetized, and they will have access to professional training platforms for 12 months post-transition.

Flutterwave will also provide free outplacement services for three months and extend the vesting period for stock options by six months. Free healthcare and access to mental health and career coaches will be available for three months post-transition.

For the remaining employees, Flutterwave is implementing 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 metrics. These changes come in response to recent employee feedback and a thorough analysis of market trends.

Moreover, Flutterwave is expanding its remittance service, SendApp, to new markets and exploring ways to personalize its enterprise payment solutions. The company is also working on operationalizing new licenses to bring more countries online for both senders and receivers. Agboola emphasized the company's commitment to continually improving its solutions and providing best-in-class services to customers.