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Chipper Cash shrinks workforce by one-third

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On February 20, Chipper Cash, an African cross-border payment platform, laid off 12.5% of its staff ten weeks ago, and nearly one third (about 100) of its staf…

Chipper Cash shrinks workforce by one-third

On February 20, Chipper Cash, an African cross-border payment platform, laid off 12.5% of its staff ten weeks ago, and nearly one third (about 100) of its staff on Friday, including human resources, marketing, pricing, products, analysis, user experience, research, and legal services.

Chipper Cash, an African cross-border payment platform, laid off about 100 people again

Interpretation of the news:


African fintech start-up, Chipper Cash, has reduced its workforce by one-third, with nearly 100 employees being laid off. This comes just ten weeks after a previous round of layoffs that saw 12.5% of the company’s staff let go.

According to reports, the affected positions include human resources, marketing, pricing, products, analysis, user experience, research, and legal services. This could suggest that the company is restructuring, perhaps moving away from certain areas in order to pivot towards new business models or strategies.

It remains unclear what the primary motivation behind the layoffs is, but starts-ups are often in a space of rapid growth and testing, where changes are frequently necessary to achieve long-term success. Evidently, Chipper Cash is feeling the heat in the competitive fintech industry, and this latest move might be part of efforts to streamline operations and realign priorities.

Chipper Cash is one of several online financial services start-ups that have emerged in Africa in recent years, aiming to revolutionize the industry by making it easier and cheaper for users to make cross-border payments. Its innovative platform allows users to make instant transfers between seven countries with no transaction fees.

It has also recently launched a merchant-focused payments service that could be aimed at boosting revenue by moving more aggressively into the growing e-commerce space.

The company has managed to raise significant funding from investors, with the most recent funding round in 2020 netting up to $30 million. Its rapid expansion and recent layoffs suggest that the company is still navigating the choppy waters of fintech start-up growth.

Ultimately, the move to downsize the workforce is a bold decision that could pay off, provided it is being done with a clear strategy in mind. As the African fintech space becomes more crowded, it’s imperative that companies stay nimble, efficient, and innovative if they want to stay competitive. Only time will tell if Chipper Cash’s move to cut jobs and refocus its energies will pay off in the long run.

In conclusion, Chipper Cash has undergone significant restructuring in recent weeks, laying off nearly one-third of its staff. This comes amidst a rapidly growing and competitive fintech industry in Africa, and the move could be part of the company’s efforts to streamline its operations and focus more heavily on revenue-generating opportunities.

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