Chipper Cash, the African cross-border payments and crypto startup, has undergone a second round of layoffs within three months. The first round affected its engineering team, and the second round impacted almost one-third of the workforce, approximately 100 employees.
Chipper Cash's Vice President of Revenue confirmed the impact was felt in all areas of the markets where it operates, including the United States, the United Kingdom, South Africa, Nigeria, Kenya, and others. Chipper Cash has not officially confirmed the exact number of employees affected, but the reports from local outlets are relatively accurate.
Chipper Cash attributed the layoffs to cut costs during a challenging time for global private and public tech companies globally. The company is narrowing its focus on its core markets and products, as stated by CEO Ham Serunjogi.
The company also denied reports that it shut down its crypto department, one of its three main offerings, which includes FX and airtime. Chipper Cash claims to be one of the largest crypto platforms in Africa and sees the product as a future growth driver.
The recent layoffs add to the growing list of Africa-focused and crypto companies that have reduced their workforce, including Jumia, Yoco, and Luno. Chipper Cash has expanded to over seven countries and plans to focus on its core markets and products. The company has raised over $300 million from investors, including SVB Capital, Ribbit Capital, and others.