Again, Chipper Cash fires Employees

This is the 4th time that Chipper Cash is laying off its workers but this time, only a few people are affected. 

Chipper Cash is a fintech startup founded in 2018 and has recently dismissed 15 people from its US office.  According to different sources, this is not the first time Chipper will be laying off its staff; in December 2022, the first layoff happened after the company secured $150million in funding. In the second wave of staff reductions, the fintech firm released over a third, which accounted for 140 workers. Among those affected, 15% were Nigerian employees spanning various IT, engineering, and leadership departments. The layoff preceding this current one, which is the 3rd happened in June, and affected the company's COO, and the Kenya country director. 

In the early hours of yesterday, the fintech startup, owned by Ham Serunjogji who also doubles as the CEO, told tech cabal that no roles in Africa were affected but didn't say why. Instead, it said,  “We constantly look to ensure we have as much efficiency as possible within our global organization.” 

 Also, reportedly, Chipper Cash reduced the salaries of the remaining employees from the United States and the United Kingdom in the company stating that it is doing all it can to stay as profitable as it has been in previous months. 

When Chipper Cash first conducted its first layoff, it followed the closure of its major investor, FTX, unable to reimburse customer funds. Also, in the March of this year, Chipper Cash purportedly contemplated a sale after the closure of another primary investor, Silicon Valley Bank (SVB). Before FTX's bankruptcy, Chipper Cash's estimated value of $2 billion was allegedly halved. Due to the company's challenges over the past year, it might have forfeited its status as a unicorn.

However, the startup says it is doing well so it can remain in the market and that good times will be restored. 

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