FTX-backed Chipper Cash lays off employees

Startup of cross-border payments focused on Africa, cash chipperit has fired some of its employees just a year after raising $150 million.

The development was confirmed by Erin Fusaro, Chipper Cash’s vice president of engineering, in a LinkedIn post seen by Nairametrics. The company has not officially confirmed the layoffs.

Chipper Cash, which is funded by a troubled crypto exchange FTXjoins the growing list of startups that have cut their workforces as the impacts of the economic downturn have grown stronger.

Although the downsizing at Chipper Cash may be related to its relationship with FTX, tech companies around the world in general have been hit hard by the global economic headwind of late, leading to layoffs. from some of the biggest tech giants in the world.

Helping Hand: Although she was not affected by the layoffs, Fusaro expressed concern for her colleagues affected by the downsizing. She also used the outlet to apply for jobs on her behalf. She wrote:

The news continues after this announcement.

  • ‚ÄúThis morning a significant number of Chipper staff were laid off. Although I was not among them, many of my colleagues and close friends were. If you’re looking for talented engineering leaders, engineers, technical program managers, analysts, or IT staff, please comment here and I’ll do my best to start connecting people. For those who said goodbye today, feel free and welcome to PM me, I’ll help you find a soft spot to land on if I can.”

A valuable fintech: Chipper Cash is one of Africa’s unicorns, valued at $2.2 billion as of 2021. Last November, the fintech startup raised $150 million in a Series C extension round led by the now-defunct chipper exchange. Sam Bankman-Fried’s FTX cryptocurrency.

The news continues after this announcement.

The investment came just six months after Chipper Cash closed its first $100 million Series C round, led by SVB Capital, the corporate venture capital arm of SVB Financial Group. Since its inception, Chipper Cash has raised more than $305 million from investors including Deciens Capital, Ribbit Capital, and Bezos Expeditions.

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