SadaPay Layoffs
July 2024
SadaPay announced a layoff affecting 0 employees (30% of its workforce) in July 2024. The company operates in the Finance sector.
0
30%
Jul 12, 2024
About
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.
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