Chipper Cash, an African fintech unicorn and cross-border payments have laid off some of its workforce. Almost 50 employees at the company were affected by the move to different departments. Though the company hasn’t made official announcements about the move.
“This morning a significant amount of Chipper staff were let go in a layoff. While I was not among them, many of my close colleagues and friends were. If you’re looking for talented engineering leadership, engineers, technical program managers, analysts, or IT staff,” Erin Fusaro, the VP of Engineering at Chipper Cash said in her LinkedIn post.
CEO Ham Serunjogi founded Chipper Cash with Maijid Moujaled in 2018 to offer a no-fee peer-to-peer cross-border payment service in Africa via its app. Its services are used across seven African countries Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya.
The company began making strides outside the continent last year. It expanded to the U.K. allowing people to send money from the European nation to Chipper Cash’s African markets and the U.S. to facilitate peer-to-peer money movement from the U.S. to Nigeria and Uganda. Chipper Cash says it has 5 million users across these markets.
Last November, the African cross-border payments company raised $150 million in a Series C extension round led by Sam Bankman-Fried’s now-defunct cryptocurrency exchange platform FTX.
