Pakistan-based fintech startup SadaPay has laid off approximately 80 employees, representing about 30% of its workforce, including several C-suite executives. The abrupt layoffs were announced by Acting CEO Omer Salimullah in a company meeting, with no prior warning given to staff. This cost-cutting move comes just a month after the company's strategic acquisition by Turkish fintech firm Papara and a recent equity injection. Operating in a challenging socioeconomic and regulatory environment in Pakistan, SadaPay, which offers digital payment cards and services, faces difficulties common to startups navigating political instability, unclear regulations, and a tough economic climate that includes reliance on international loans.
