Summary:
- Chipper Cash, a fintech providing tech payment solutions for Africans, has announced layoffs affecting around 100 employees in all departments.
- This is the second round of layoffs that the company has carried out in the last three months, with the previous one affecting engineers mostly.
- The company’s CEO, Ham Serunjogi, has said that it had to downsize and readjust its scope due to the macroeconomic situation, but denied shutting down its crypto unit.
Chipper Cash, a fintech providing payments solutions for Africans, has laid off about 100 employees according to several reports. While the company did not confirm the exact number of its staff that it is letting go of, it said that the layoffs affected all its departments.
In a LinkedIn announcement, Stefano Pardi, Chipper Cash VP of Revenue said that employees working in Recruiting, HR, Marketing, Pricing, Product, Analytics, UX, Research, Legal, and more were affected.
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TechCrunch, in its coverage of the story, mentioned that this is the second round of layoffs that the company was engaging in within the past three months. The media outlet claimed tat the first one, which was carried out in early December 2022 and affecting its engineers mostly, impacted about 50 employees.
In a statement, the company’s head, Ham Serunjogi, said that it had grown its headcount quickly in the last two years as it was scaling its business. However, the macroeconomic situation means that it has to scale down its size and readjust its scope. The fintech denied shutting down its crypto unit.
Chipper Cash was affected in the FTX scandal as it is one of the exchange’s portfolio companies, and its valuation dropped from $2 billion to $1.25 billion.
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