Chipper Cash Layoff 15 Employees Working in the U.S. And UK

Chipper Cash, Africa’s fintech company, has succeeded in laying off 15 employees in what the company calls the fourth round of layoffs in 2023. This announcement occurred six months ago when the firm laid off over a dozen of its best employees. Alicia Levine, the Chief Operating Officer, was affected during that period.

In the recent layoffs, Chipper Cash, in a statement, stated that the business is nt affected and is “doing very well” despite the controversies reported months back.

“We constantly look to ensure we have as much efficiency as possible within our global organization, and only a small number of roles were impacted by the minor restructuring,” the organization said. “No roles in Africa were affected—this year, we have expanded teams on the continent. Our business is doing very well and will be profitable in a few months.”

Aside from some employees losing their jobs, Chipper Cash also cut the salaries of all employees in the US and UK.

Chipper Cash was founded by Ham Serunjogi and Maijid Moujaled in 2018. The fintech company operates an international payment service that allows payments back and forth between Africa, South Africa, the UK, the US, and five other countries, offering services such as zero-fee peer-to-peer transactions, global fund transfers, and assisting merchants with online payments. It also allows users in Nigeria and Uganda to trade cryptocurrency and buy fractional stocks in US-listed companies.

The fintech company has raised over $300 million in funding and reported valuable growth with over 5 million downloads. Chipper Cash’s recent moves, including organizational restructuring and market focus adjustment, reflect the challenges fintech companies face because of the current economic uncertainties and increased competition.

Despite increasing its staff base to 450 between 2021 and 2022, Chipper Cash’s growth has faced turbulence due to rising interest rates and competition from other fintech giants.

History of Chipper Cash Layoffs

Chipper Cash's first layoff happened in December 2022, a year after the fintech raised $150 million in a round led by FTX, Sam Bankman-Fried’s failed crypto company.

In Chipper Cash's second layoff, the fintech company laid off more than a third — 140 employees — of its workforce. 15% of those let go were Nigerians, from IT to engineering and even leadership. 

Chipper Cash's third round of layoffs happened in June 2023, when some important staffs were laid off, including the company’s COO, Alicia Levine, and Kenya Country Director, Leon Kiptum, were affected. 

According to the recent layoff, over 15 people were across all departments in this fourth round of layoffs most of which happened in the US and the UK. Chipper Cash also confirmed that no roles in Africa were affected.