Pan-African payments startup Cellulant, valued at $133 million in 2022, has appointed new executives following the departure of its CEO and four senior managers three months ago. The changes signal a renewed focus on profitability and operational efficiency as the company navigates its next phase of growth.
Peter O’Toole, previously Cellulant’s CFO, continues as acting CEO, while Andy O’Sullivan, co-founder of Innovate Payments, has been named CTO, replacing George Murage, who has transitioned to Pesalink. Other key appointments include Gbenga Haastrup as executive consultant for governance, risk, and compliance; Irene Koki as head of internal audit; Ochebhoya Ekpete as vice president of group finance; and Susan Fouche as group chief people officer.
These leadership changes come after a challenging 2023, during which Cellulant underwent three rounds of redundancies. The company cited these adjustments as part of a strategy to enhance efficiency and support growth.
Cellulant’s acting CEO, Peter O’Toole, emphasized the company’s commitment to becoming a sustainable and profitable payments firm. He outlined a focus on three core business areas: checkout, payout, and banking solutions. This strategic alignment is supported by ongoing investments in product development, service delivery, risk management, and streamlined operations.
The leadership overhaul also reflects a shift in funding strategy. After an unsuccessful attempt to raise $100 million in a Series D round in 2023, Cellulant has indicated it will not seek additional funding in 2024. Instead, it aims to consolidate its position across the 13 African markets it serves.
These developments mark a critical phase for Cellulant as it looks to strengthen its foundation and achieve sustainable profitability while navigating the competitive landscape of African payments.
