Nigeria-based fintech startup OnePipe has reportedly laid off at least 10 employees, according to sources close to the situation.

The company, which enables organizations to integrate financial services, lists 48 employees on LinkedIn, suggesting that its team is now down to 38 people.

OnePipe was one of the African startups that held deposits in Silicon Valley Bank, with $829,000 in the bank, according to Fato Ogwuche. While regulators protected depositors, the situation reportedly prompted more urgency within the company.

The affected employees will receive two months of severance pay as per their contracts, while the leadership team will take salary cuts. OnePipe CEO Ope Adeoye confirmed the layoffs but did not disclose the exact number of employees let go.

Adeoye cited macroeconomic factors as the cause of the layoffs and said that the company will focus on specific initiatives while cutting back on experimental projects.

OnePipe has grown its inventory finance proposition, built on its core APIs, and secured a credit line from TLG to fund inventory finance for small shops. The company will now seek another round of equity financing to extend its runway.