South African fintech startup Yoco is laying off an impactful number of employees to ensure sustainability during the COVID-19 pandemic, as thousands of its clients face over 90% revenue losses. While the exact number of layoffs and total workforce aren't specified, the company's management has taken salary cuts and is conducting substantial retrenchments, prioritizing the retention of its technical, maker, and product teams. Co-founder and CTO Lungisa Matshoba described the decision as a prudent, structured, and generous move taken early to maintain flexibility and uphold company principles, despite the difficulty of parting with talented team members. The layoffs aim to focus energy on supporting struggling customers and securing the startup's future in the fintech industry.
