Cellulant, a Kenyan-based payments fintech company, has announced that Group CEO Akshay Grover will leave the company effective January 2024. Current CFO, Peter O’Toole, will oversee the organisation’s operations as acting CEO.
The company has shared that Grover, who initially joined Cellulant as Chief Financial Officer in 2021, and was appointed CEO in the same year, is leaving to “focus on personal matters.”
“Under his leadership, Cellulant has strengthened its position both on the African continent and internationally. His efforts have been pivotal in enhancing the Cellulant brand and driving the company’s strategic objectives,” according to a company statement.
The company shared that it’s in the process of strengthening its leadership team further with many seasoned senior leaders with international and pan-African experience in the payment space.
Cellulant powers payments for over 1,500 global, regional, and local businesses across the continent. At the start of 2023, Cellulant reduced its headcount by 27 employees before cutting another 20% of its workforce in August 2023. It also consolidated and created some roles.
The company has raised $54.5 million in funding. In 2022, Cellulant intended to launch a $100 million series D round of funding, but that plan was shelved.