Chipper Cash, an African cross-border payments platform carried out a second round of staff layoff last Friday barely ten weeks after it cut approximately 12.5% of its workforce, affecting its engineering team the most.
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The company’s V.P. of revenue shared the news on LinkedIn, saying “all areas” across Chipper Cash’s markets were impacted this time. “Friday was a sad day for Chipper Cash, as many talented people were let go,” his post read.
“For my network: there is an incredibly talented pool of individuals across the U.S., U.K., South Africa, Nigeria, Kenya, and more. They are all highly experienced in managing very complex, multicultural teams and projects in fintech. All areas have been impacted, from Recruiting, HR, Marketing, Pricing, Product, Analytics, UX, Research, Legal, and more.”
According to several local news outlets, Chipper Cash relieved almost one-third of its workforce, about 100 employees. Chipper Cash didn’t confirm the exact number of roles affected when TechCrunch reached out but said the reports are relatively accurate.
Thus, in addition to the first round of layoffs, the five-year-old payments and the crypto startup has let go of over 150 employees in the last three months to cut costs amid a torrid period for private and public tech companies globally.
Also Read: Nestcoin, Nigeria Crypto Start-up Funds Trapped In FTX Exchange Collapse, Announces Job Cuts.
“The last two years were a period of rapid growth and scaling for us as a business and, to reflect this, our global headcount grew by around 250 people,” said CEO Ham Serunjogi in a statement to TechCrunch.
“However, given the macroeconomic climate, we are narrowing our current focus to core markets and products – concentrating our efforts where we know we can thrive. With this hyper-focused prioritization, the reality is that we, unfortunately, need a smaller team at Chipper.”
Also, Chipper Cash denied reports that it shut down its crypto department, which houses crypto products, one of its three main offerings, including FX and airtime.
“Chipper is one of the largest crypto platforms in Africa today, and it remains one of our fastest-growing products. We are excited about the future of crypto in Africa and continue to invest in the product,” Serunjogi added.