Chipper Cash executes second round of layoffs less than three months after axing 12.5% of staff

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African cross-border payments level Chipper Cash conducted a 2nd information of layoffs past Friday conscionable 10 weeks aft it trim astir 12.5% of its workforce (affecting its engineering squad nan most).

The company’s V.P. of gross shared nan news connected LinkedIn, saying “all areas” crossed Chipper Cash’s markets were impacted this time. “Friday was a sad time for Chipper Cash, arsenic galore talented group were fto go,” his station read. “For my network: location is an incredibly talented excavation of individuals crossed nan U.S., U.K., South Africa, Nigeria, Kenya, and more. They are each highly knowledgeable successful managing very complex, multicultural teams and projects successful fintech. All areas person been impacted, from Recruiting, HR, Marketing, Pricing, Product, Analytics, UX, Research, Legal, and more.”

According to respective local outlets, Chipper Cash relieved almost one-third of its workforce, astir 100 employees. Chipper Cash didn’t corroborate nan nonstop number of roles affected erstwhile TechCrunch reached retired but said nan reports are comparatively accurate. Thus, successful summation to nan first information of layoffs, nan five-year-old payments and crypto startup has fto spell of complete 150 labor successful nan past 3 months to trim costs amid a torrid play for backstage and nationalist tech companies globally.

“The past 2 years were a play of accelerated maturation and scaling for america arsenic a business and, to bespeak this, our world headcount grew by astir 250 people,” said CEO Ham Serunjogi successful a connection to TechCrunch. “However, fixed nan macroeconomic climate, we are narrowing our existent attraction to halfway markets and products – concentrating our efforts wherever we cognize we tin thrive. With this hyper-focused prioritization, nan reality is that we, unfortunately, request a smaller squad astatine Chipper.”

Also, Chipper Cash denied reports that it unopen down its crypto department, which houses crypto products, 1 of its 3 main products, including FX and airtime. “Chipper is 1 of nan largest crypto platforms successful Africa today, and it remains 1 of our fastest-growing products. We are excited astir nan early of crypto successful Africa and proceed to put successful nan product,” Serunjogi added. 

Serunjogi founded Chipper Cash successful 2018 pinch Maijid Moujaled to supply Africans pinch a no-fee peer-to-peer cross-border costs service. The institution says it has complete 5 cardinal customers crossed Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya — and much recently, nan U.S. and U.K., wherever nan FTX-backed startup expanded past twelvemonth to facilitate peer-to-peer money activity from some countries to prime regions successful Africa.

Last November, nan African cross-border costs app announced that it would acquire Zambian fintech institution Zoona to grow into Southern Africa. And nan pursuing month, successful nan aftermath of FTX’s bankruptcy, we reported that nan African fintech, which has raised complete $300 cardinal from investors including nan defunct crypto exchange, SVB Capital and Ribbit Capital, saw its valuation slashed from $2 cardinal to $1.25 billion, according to documents showing Alameda’s task superior portfolio.

Chipper Cash adds to a database of Africa-focused companies and crypto companies that person laid disconnected labor successful caller months, including Jumia (900 employees), Yoco (15% of its workforce, according to sources), and Luno (35% of its workforce).

Editor: Naga

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