African paytech Chipper Cash sheds around a third of its workforce
African cross-border payments firm Chipper Cash has embarked on a second round of job cuts in less than three months, reportedly shedding around a third of its workforce.
Chipper Cash reportedly said goodbye to a third of staff on Friday
More than 100 employees at the firm have been affected, Techweez reports. The layoffs follow a round of job cuts in December, which saw around 12.5% of the company’s workforce – 50 employees – let go.
Announcing the news on LinkedIn, Stefano Pardi, Chipper Cash’s vice president of revenue, says all areas of the business have been impacted by the job cuts, including “recruiting, human resources, marketing, pricing, product, analytics, user experience, research and legal”.
According to TechCrunch, the engineering team was most affected, with a majority of teams losing more than half their staff.
The paytech became a fintech unicorn in November 2021 raising $150 million in a Series C extension round led by crypto exchange platform FTX, with a valuation slightly above $2 billion.
The firm experienced a reduction in its valuation to $1.25 billion before the bankruptcy of FTX, Techweez reports.
Job cuts have been rampant across the wider fintech industry in recent months, with crypto firm Luno, US financial services giant Capital One and digital lending platform LendingClub among some of the most recent firms to axe jobs.
