Fintech company Chipper Cash has let go of employees based in the US and UK following the suspension of its services in the American market a week ago. The number of affected staff is reported to be around 20, according to sources familiar with the situation.
The Layoff comes after a period of turbulence for Chipper Cash. In December 2023, the company implemented salary cuts of 25% and a four-day work week for its US and UK staff, while assuring the public that business was strong. They also instructed US customers to withdraw their funds.
Despite the layoffs and US suspension, Chipper Cash maintains that their core focus remains on African markets. CEO Ham Serunjogi has downplayed the impact of the US suspension, stating it affected "very few people." However, the recent staff cuts paint a different picture.
The reasons behind Chipper Cash's US withdrawal and subsequent job cuts remain unclear. The company has not issued an official statement regarding the layoffs. "But for context, the US has never been a focus for us – we have offered that product there as an extension of our African services" Serunjogi told TechCabal.
Chipper Cash was once a billion dollar fintech company. However, the fintech firm has encountered challenges and problems in the last two years as the global economy slowed and venture capital funding backed off. Well, this is a developing story and you can join our social media platforms to get our up-to-date stories. Cheers!