After laying off 13% of its workforce in December last year, cross-border payments startup Chipper Cash is reportedly sending more employees home.
According to reports, the fintech startup has dismissed more than a third of its workforce this week, a move that has affected more than 100 employees.
This latest layoff has affected employees including engineering leadership, engineers, technical program managers, analysts, and IT staff. The fintech has reportedly scrapped its crypto department sending home all employees working in the department. All other departments are also said to have lost almost half of their workers.
Chipper Cash is one of Africa’s high-valued fintechs and offers a no-fee peer-to-peer cross-border payment service in Africa via its app. Founded in 2018 by Ham Serunjogi and Maijid Moujaled, the company’s services are used across seven African countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya.
In 2021, the company raised $150 million in a Series C round led by Sam Bankman-Fried’s now-collapsed cryptocurrency exchange platform FTX, and a few weeks after announcing its acquisition of Zambian fintech company Zoona.
Having raised substantial amounts of funding, especially in 2021, Chipper Cash became a unicorn, with a valuation slightly above $2 billion.
… Developing story