Fintech Company, Chipper Cash Fires about 12.5% of Its Employees

Chipper Cash is one of the fast-growing Fintech companies in Africa. The company has its value at around $2.2 billion in the previous year. The report has it that it has sacked part of its employees. After we have heard of so many layoffs from Meta, Amazon, HP Inc., and Twitter. Chipper Cash also joins the list.
Erin Fusaro talked about the layoff. She spoke using her LinkedIn account. Though the layoff wasn't announced by the Fintech Company. She is the Vice President of the Engineering department at Chipper Cash.

Erin Fusaro's Announcement about Chipper Cash Job Cut

She said, "This morning a significant amount of Chipper staff experienced a layoff. While I was not among them, many of my close colleagues and friends were. If you're looking for talented engineering leadership, engineers, technical program managers, analysts, or IT staff, please comment here and I'll do my best to start connecting people. To those let go today, please feel free and welcome to DM me, I'll help you find a soft spot to land if I can."

The number of staffs who got a job layoff was not known by the public. But this work termination came a year after the company announced it to be worth above $2 billion.

Who experienced the layoff?

After Erin posted that on LinkedIn, a user with the name, Iain Standing, commented and said.

"Hi everyone, unfortunately, my time at Chipper Cash as a Technical Program Manager has come to an end amidst a round of layoffs. I am looking for a new role and would appreciate your support. Thank you in advance for any connections, advice, or opportunities you can offer.”

Iain was the Technical Program Manager of Chipper Cash. But he is now a victim of the Layoff.

With different piece of information, we can say about 50 employees experienced the layoff across various departments. Some sources said that the engineering department suffered the most with the Layoff. With around 60% layoffs in that department. About 400 employees are working for the Fintech Company, as revealed by the company on LinkedIn.

The reason for the Job Termination

The layoff may have happened because of the failure of Sam Bankman- FTX Friend's Bitcoin trading platform. The platform had a Series C round of $150 million for the Fintech Company, Chipper Cash in the previous year. The company's value is over $2 billion. FTX made an advance to make public its bankruptcy, after losing billions of dollars in a failed transaction with its rival exchange Binance in the previous month. Though ChipperCash hasn't said anything about the layoffs either on their website or their social media platforms.

More about the Company

Chipper Cash came in 2018 through Ham Serunjogi, who is the CEO alongside Maijid Moujaled. The company does offer a no-free peer-to-peer cross boarder payment service across Africa using its app. It has gained some voice in these African countries, Ghana, Nigeria, Uganda, Tanzania, South Africa, Kenya, and Rwanda. The company took its tentacles last year to other countries like the U.K. It allowed people to send funds from the European nation to the Chipper Cash market in Africa and the U.S. This helped to facilitate its peer-to-peer fund movement from the U.S. to Uganda and Nigeria.

Chipper Cash made it known that it has about 5 million users across these markets.

Final Words on Chipper Cash

Layoffs have become a piece of common news rising in the tech industries. It has also eaten deep into public and private markets in the last few years and has made life more difficult for tech companies. Though the fear of recession has also led to different company layoffs, which didn't exclude Chipper Cash. This recession fear has made so many startups cut their costs and also fire some workers. This is because they want to find a way of surviving the ordeal coming up, and also so many companies haven't finally recovered from the pandemic, thereby trying all means to adapt back. We hope that these layoffs will end soon so that there won't much more layoffs.

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