Cross-border payment startup, Chipper Cash, has laid off another set of employees in the company as it struggles to find a balance.
This will be the second round of layoffs by the fintech firm in less than three months, having earlier slashed its workforce by 12.5% in December last year.
The company’s Vice President of Revenue, Stefano Pardi, disclosed via a post on his LinkedIn page that the latest head cuts happened last Friday.
While the number of employers affected was not disclosed, Mr Pardi said it impacted all departments and cut across the company’s operations in the US, UK, South Africa, Nigeria, and Kenya, among others.
Another sad development: Describing the development as a sad one, Pardi in the LinkedIn post wrote:
- “Friday was a sad day for Chipper Cash, as many talented people were let go.
- “For my network: there is an incredibly talented pool of individuals across the US, UK, 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.”
Pardi also used the avenue to canvass opportunities for his affected colleagues, whom he described as competent, passionate, and driven people.
- “If you are recruiting, look out for the Chipper Cash folks, you might have the opportunity of a lifetime to hire competent, passionate, and driven people into your team. They are all battle-scarred and experienced in scaling a business!
- “For my Chipper family, my network is open to you. Reach out/connect if you need help! I have been honored to work with many of you and I am here to support you as I can,” he added.
For the records: Chipper Cash, which is one of Africa’s unicorns was in 2021 valued at $2.2 billion following its $150 million Series C extension round led by Sam Bankman-Fried’s now-defunct cryptocurrency exchange platform FTX.
The investment came barely six months after Chipper Cash closed its first Series C round of $100 million, led by SVB Capital, the corporate venture capital arm of SVB Financial Group. Since its inception, Chipper Cash has raised over $305 million from investors including Deciens Capital, Ribbit Capital, and Bezos Expeditions.
