Chipper Cash, a cross-border payment venture focused on Africa, has dismissed several employees merely a year after securing $150 million in funding.
Erin Fusaro, Chipper Cash’s Vice President of Engineering, verified the news in a LinkedIn update that Nairametrics discovered. The company has not officially acknowledged the layoffs.
As the repercussions of the economic slump grow, Chipper Cash, which is supported by the troubled cryptocurrency exchange FTX, finds itself among the increasing number of startups that have streamlined their workforce.
While it’s conceivable that Chipper Cash’s job cuts are connected to their alliance with FTX, tech companies globally have recently faced significant challenges due to the worldwide economic downturn, prompting even the largest tech corporations to enact widespread layoffs.
Fusaro voiced concern for her colleagues impacted by the reduction, even though she was not directly affected. She also sought employment opportunities for them via this platform. She stated:
“This morning, a considerable number of Chipper personnel were laid off. Although I was not among them, many of my close colleagues and friends were. If you are in search of skilled engineering leaders, engineers, technical program managers, analysts, or IT personnel, please comment here, and I’ll do my utmost to facilitate connections. To those impacted today, do not hesitate to DM me; I’ll assist in finding a safe landing spot if possible.”
Chipper Cash, with a valuation of $2.2 billion in 2021, is among Africa’s unicorns. The now-defunct cryptocurrency exchange platform FTX, managed by Sam Bankman-Fried, spearheaded a Series C extension round in which the fintech startup raised $150 million last November.
The investment occurred just six months following SVB Capital, the corporate venture funding arm of SVB Financial Group, leading Chipper Cash’s $100 million Series C round. Since its inception, Deciens Capital, Ribbit Capital, and Bezos Expeditions have collectively invested over $305 million into Chipper Cash.
