African fintech startup Chipper Cash laid off at least ten staff members in the company’s third round of layoffs in under one year.
According to TechCabal the vice president of marketing, Alicia Levin, the global chief operating officer, and Leon Kiptum, the country director for Kenya, were part of those affected by last week’s layoffs. Several product managers were also fired.
“As part of our previously announced restructuring as an organization to focus on core products and markets, we recently made redundant a very small number of roles across our global teams.” Chipper Cash stated in an email to TechCabal, but did not specify how many employees were affected.
Chipper Cash has reduced its personnel for the third time. ChipperCash laid off around 50 staff by the end of 2022. The layoffs affected employees from many departments. At the time, the reasons for the company’s decision to reduce its employment were unknown.
Chipper Cash let off around 100 employees in February 2023, accounting for roughly one-third of its staff.
According to sources, Chipper Cash CEO Ham Serunjogi justified the layoffs by noting persistent economic challenges and uncertainties about the future.
Insiders revealed in March 2023 that Chipper Cash had been examining alternative possibilities prior to the collapse of SVB. According to reports, the corporation received many merger and acquisition approaches from various parties, which were reviewed to varying degrees, but no final judgments were made.
Chipper Cash is said to have explained that it never meant to be acquired. Receiving such bids, however, was regular practise for them. The company raised $250 million in a funding round sponsored by Silicon Valley Bank and FTX in 2021, which has since failed. This funding round was worth at about $2billion