Nigerian Fintech Startup Chipper Cash Lays Off Emp

The Nigerian fintech startup, Chipper Cash, recently abolished the roles of 20 workers based in the U.S. and U.K. The CEO Ham Serunjogi said this decision aligns with its goal of maintaining high operational efficiency and moves the startup closer to profitability.

Layoffs Set Chipper Cash on Course for Positive Cash Flow in the First Half of Year

The Nigerian payments fintech startup, Chipper Cash, has once again laid off workers, but this time only those based in the U.S. and U.K. have been impacted. Ham Serunjogi, the CEO and co-founder of the startup, stated that this decision brings Chipper Cash close to profitability and on track to achieve positive cash flow before the second half of 2024.

As previously reported by Bitcoin.com News in February 2023, Chipper Cash also retrenched 100 workers or 12.5% of its workforce. Prior to that, the fintech startup axed 50 workers. At the time, Chipper Cash, whose valuation soared to $2 billion after an FTX-led Series C extension round, said the deteriorating macroeconomic conditions had forced its hand.

Meanwhile, in a new update shared via the Chipper Cash blog, Serunjogi suggested that the roles performed by the departing 20 workers will be relocated to some of the fintech startup’s African markets. The CEO also explained how the decision to let go of the workers aligns with its goal of maintaining a high level of efficiency.

“After our acquisition of Zoona/Tilt last year, we now have even more teams and offices across multiple countries. It is important we continue to pay attention to maintaining a high level of operational efficiency, in addition to cost efficiency,” Serunjogi said.

Chipper Cash Focused on Africa

According to a report by Techcabal, the recent layoffs at Chipper Cash mark the fourth time the company has reduced its workforce in just over a year. The report also disclosed that before eliminating staff positions in the U.S. and the U.K., the fintech startup had cut workers’ salaries by 25%. Despite these measures, Chipper Cash maintained that its business was performing well.

Meanwhile, in addition to abolishing some roles, Chipper Cash has also halted its operations in the U.S. Serunjogi has reportedly justified this action by stating that the startup’s primary focus has always been on African markets, not the U.S. market.