Cross-border Payment Platform Chipper Cash Lays Off a Third of Its Staff
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…
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:
On February 20th, 2021, African cross-border payment platform, Chipper Cash, announced the layoff of 12.5% of its employees, and just ten weeks later, nearly a third of its staff was let go. The layoffs affected several departments in the company, including human resources, marketing, pricing, products, analysis, user experience, research, and legal services.
This news has come as a surprise to many, especially considering that Chipper Cash had raised $30 million in Series B funding in November of 2020. The funding round was led by Ribbit Capital and Jeff Bezos’ personal venture capital fund, Bezos Expeditions. The company had also recently expanded its services to South Africa, Nigeria, and Ghana, and had plans to expand even further this year.
The reason for the sudden and significant layoffs has not been officially disclosed by the company, but many speculate that it may be due to the company’s inability to meet revenue and growth targets. Given the current economic climate and the impact of the COVID-19 pandemic on businesses globally, this is not entirely surprising.
Furthermore, competition in the cross-border payment space in Africa has been steadily growing, with other companies such as Flutterwave and Paystack offering similar services. It’s possible that Chipper Cash may have underestimated the competition and over-extended itself with its expansion plans.
Whatever the reason, the layoffs are undoubtedly a setback for Chipper Cash, which had been seen as a promising startup just a few months ago. The company will need to re-strategize and find more efficient ways to meet its revenue and growth targets to remain competitive in the market.
In conclusion, the layoff of nearly a third of Chipper Cash’s staff is a significant development that should not be taken lightly. With competition growing in the African cross-border payments market, companies will need to be strategic and efficient in their operations to stay ahead. Chipper Cash will need to adapt quickly to the changing market dynamics and find ways to grow sustainably.
Title: Chipper Cash Lays off a Third of Its Staff, including HR, Marketing, and Legal Services
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