These past few weeks have seen the tech ecosystem witness quite a downward trajectory that have forced them to make costly sacrifices. The layoff trend continued with African fintech unicorn, Chipper Cash laying off about 12.5% of its staff. That was quickly followed by the company’s valuation being slashed from $2b valuation to $1.25b by FTX.
Chipper Cash latest victim of the layoff season
Layoffs are becoming a trend globally with several tech giants having to cut their workforce and operating costs due to biting economic conditions. In this part of the globe, it is becoming even more severe.
Chipper Cash, the company that has raised over $302.2 million in funding since its launch in 2018, becomes the latest company to follow the suit of laying off its staff due to current economic woes.
The payments provider, this week according to its vice president of engineering, Erin Fusaro, laid off a significant amount of its IT and engineering workforce.
“This morning a significant amount of Chipper staff were let go in a layoff. While I was not among them, many of my close colleagues and friends were. If you’re looking for talented engineering leadership, engineers, technical program managers, analysts, or IT staff…,” Erin Fusaro, the VP of Engineering at Chipper Cash said in her LinkedIn post earlier this week.
