Africa’s cross-border payment platform Chipper Cash has recently carried out a second round of layoff, letting go about 140 employees, which is more than a third of its workforce.
The payment platform didn’t disclose the exact number of employees impacted but revealed that reports are relatively accurate.
Chipper Cash V.P of revenue Stefano Pardi, via a LinkedIn post, announced the layoff of some employees at the company, noting that all areas were impacted, from Recruiting, HR, Marketing, Pricing, Product, Analytics, UX, Research, Legal, and more.
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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.
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 as I can.
He, therefore, urged recruiters to consider looking out for laid-off chipper cash employees, noting that they might have the opportunity of a lifetime to hire competent, passionate, and driven people into their team.
He 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.
“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.”
Chipper cash which was valued at $2 billion in 2021, after it raised $150 million in a series C extension, laid off some of its employees last year in December in its first round of layoff.
About 50 employees were affected across multiple departments, which saw the engineering team take the biggest hit, with around 60% of those laid off coming from the department.
There were suggestions that the trimming of the workforce at the company was linked to its relationship with the collapsed crypto exchange FTX which filed for chapter 11 bankruptcy in November last year.
Since its inception, Chipper cash has raised over $305 million from investors. Founded in 2018 by Ugandan Ham Serunjogi and Ghanian Maijid Moujaaled, Chipper cash offers mobile-based no fee, P2P payment services in Eight African countries such as Tanzania, Uganda, Nigeria, Rwanda, Kenya, South Africa, Ghana, and has expanded to a market outside Africa, the U.K.
The company is currently valued between $1 billion to $2 billion, joining the likes of billion-dollar companies like Interswitch, Jumia, Flutterwave, etc.