Chipper Cash

Chipper Cash laid off 20 employees on 2024-03-15.

Chipper Cash, an Africa-focused fintech unicorn, laid off 15 employees in December 2023, marking its fourth round of job cuts within a year. This restructuring primarily affected its US team, with no roles in Africa impacted. The company, which facilitates cross-border payments and other financial services across the continent, stated the move was to ensure organizational efficiency and emphasized its business was performing well, expecting profitability soon. Alongside the layoffs, the company also reportedly reduced salaries for remaining staff in the US and UK. Founded in 2018, Chipper Cash had previously achieved a valuation of $2.2 billion and has raised over $300 million from notable investors.

Chipper Cash laid off 100 employees representing approximately 33% of its workforce on 2023-02-17.

In December 2022, African fintech unicorn Chipper Cash laid off approximately 12.5% of its workforce, affecting over 50 employees out of a total of about 400. The layoffs impacted multiple departments, with the engineering team bearing the brunt, accounting for around 60% of the cuts. The company, valued at $2.2 billion in 2021 and operating in the cross-border payments sector across Africa and the U.K., had raised significant funding, including a $150 million extension led by FTX just months prior. This restructuring occurred amid broader market challenges, reflecting strategic adjustments within the high-growth fintech startup.