Chipper Cash downsizes by 12.5% and another 30%, sheds jobs in multiple departments

02/20/2023 12:53 • Tech Trends • 81 views

On February 20, Chipper Cash, an African cross-border payment platform, laid off 12.5% of its staff ten weeks ago, and nearly one third (about 100) of its staff on Friday, including human resources, marketing, pricing, products, analysis, user experience, research, and legal services.

Chipper Cash, an African cross-border payment platform, laid off about 100 people again

Analysis based on this information:

The African cross-border payment platform, Chipper Cash, has laid off a significant portion of its workforce. The company laid off 12.5% of its staff ten weeks ago and a staggering 30% of its staff on Friday. The downsizing exercise has affected several departments within the company, including human resources, marketing, pricing, products, analysis, user experience, research, and legal services. The job shedding exercise has left the company with a significantly reduced workforce.

It is important to understand why Chipper Cash is laying off such a large portion of its workforce. The company’s official statement cites the need to ‘right-size’ the workforce to ensure sustainable growth for their business prospects. The company has reportedly stated that it has achieved significant growth in its userbase, and that revenues have increased, however, this growth has come at a high cost, resulting in significant cash burn. The company has therefore been forced to restructure its operations into a more efficient model, which requires a smaller workforce. The layoffs are an unfortunate but necessary move to ensure future viability.

The timing of the layoffs is significant. Other cross-border payment platforms have seen significant growth during the pandemic, as people have increasingly turned to digital platforms to make transactional payments. It is unclear why Chipper Cash has been unable to follow suit; more information would be required to fully understand the context. However, it seems clear that, while the company is facing significant challenges when it comes to cost management, it is taking steps to address the situation.

The layoffs raise several concerns within the industry, as well as among investors and employees. This is a significant shift from the growth story of the company – where Chipper Cash was previously known for aggressive expansion and growth, it is now shedding a significant portion of its workforce. Investors are likely to be concerned about the company’s ability to remain competitive and achieve future growth targets. The employees who have lost their jobs are also likely to feel the impact of the layoffs, particularly in a difficult job market where vacancies are hard to come by.

In conclusion, the layoffs at Chipper Cash are indicative of the challenges facing the digital payments industry. The company has taken a difficult but necessary step to remain sustainable in this competitive space. It remains to be seen how the company will evolve and whether this restructuring will result in positive outcomes or not.

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Chipper Cash downsizes by 12.5% and another 30%, sheds jobs in multiple departments

Chipper Cash, an African cross-border payment platform, laid off about 100 people again

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