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Layoffs Rock African Fintech Unicorn ChipperCash

The pan-African fintech, ChipperCash,  became Africa’s seventh unicorn in November last year, has now laid off a considerable chunk of its staff, Technext reports.

This comes barely a year after the company raised 150 million dollars at a two billion dollars valuation, a round that was led by the now embattled crypto company FTX.

At the time of reporting, it hadn’t been confirmed the exact percentage of its staff was let go. But, Erin Fusaro, the vice president of engineering at ChipperCash, said in a LinkedIn post yesterday that “a significant amount” of the members of the engineering and IT teams were gutted in the layoff.

“This morning, a significant amount of Chipper staff were let go in a layoff,” Fusaro’s LinkedIn post reads in part. “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, please comment here and I’ll do my best to start connecting people,” she said.

The news of this layoff comes after a very tough year for the ecosystem but significantly tougher for ChipperCash as the Central Bank of Kenya instructed all financial institutions in the country to desist from dealing with it in July, hours after it said that ChipperCash was not licensed for operation in Kenya. That immediately upended partnerships that ChipperCash had invested its resources into.

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