* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Thursday, October 16, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    This Haunting ‘60s Country Song Is Even More Tragic Than You Remember – Yahoo

    This Haunting ’60s Country Song Will Break Your Heart All Over Again

    Arts/Entertainment: ‘Wait Until Dark’ brings spooky season center stage – Times Herald Online

    Wait Until Dark’ Delivers Chilling Thrills Perfect for the Spooky Season

    Bluesman James Montgomery Will Perform In Falmouth – CapeNews.net

    Blues Legend James Montgomery Ready to Ignite the Stage in Falmouth

    Mexican singer Pedro Fernández to make Ave Fénix tour stop in Stockton. Tickets, schedule – Yahoo

    Mexican Singer Pedro Fernández Brings the Ave Fénix Tour to Stockton – Don’t Miss It!

    Flutter Entertainment’s SWOT Analysis: Uncovering the Growth Potential Amid Challenges

    Dylan Efron Shares Sweet ‘DWTS’ Rehearsal Photos Featuring His Little Sister Olivia – yahoo.com

    Dylan Efron’s Heartwarming ‘DWTS’ Rehearsal Moments with Little Sister Olivia

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    A Nobel Prize for explaining when technology leads to growth – NPR

    Nobel Prize Awarded for Unraveling How Technology Drives Economic Growth

    Erie Canal’s 200th anniversary: How a technological marvel for trade changed the environment forever – The Conversation

    Erie Canal’s 200th Anniversary: How a Trade Marvel Transformed the Environment Forever

    Day 5 of Gains Streak for Solidion Technology Stock with 475% Return (vs. -20% YTD) [10/14/2025] – Trefis

    Solidion Technology Stock Rockets for 5th Consecutive Day, Soaring an Astonishing 475% Year-to-Date

    Tracking DNA and RNA Together To Unlock Disease Insights – Technology Networks

    Unlocking Disease Insights by Tracking DNA and RNA Together

    The future of battery technology – Engineer Live

    Revolutionizing Energy: Exploring the Future of Battery Technology

    How Can Boosting Your Travel Experience with Less Technology Lead to a More Relaxing Vacation? All You Need to Know About This Latest Trend – Travel And Tour World

    How Can Boosting Your Travel Experience with Less Technology Lead to a More Relaxing Vacation? All You Need to Know About This Latest Trend – Travel And Tour World

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    This Haunting ‘60s Country Song Is Even More Tragic Than You Remember – Yahoo

    This Haunting ’60s Country Song Will Break Your Heart All Over Again

    Arts/Entertainment: ‘Wait Until Dark’ brings spooky season center stage – Times Herald Online

    Wait Until Dark’ Delivers Chilling Thrills Perfect for the Spooky Season

    Bluesman James Montgomery Will Perform In Falmouth – CapeNews.net

    Blues Legend James Montgomery Ready to Ignite the Stage in Falmouth

    Mexican singer Pedro Fernández to make Ave Fénix tour stop in Stockton. Tickets, schedule – Yahoo

    Mexican Singer Pedro Fernández Brings the Ave Fénix Tour to Stockton – Don’t Miss It!

    Flutter Entertainment’s SWOT Analysis: Uncovering the Growth Potential Amid Challenges

    Dylan Efron Shares Sweet ‘DWTS’ Rehearsal Photos Featuring His Little Sister Olivia – yahoo.com

    Dylan Efron’s Heartwarming ‘DWTS’ Rehearsal Moments with Little Sister Olivia

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    A Nobel Prize for explaining when technology leads to growth – NPR

    Nobel Prize Awarded for Unraveling How Technology Drives Economic Growth

    Erie Canal’s 200th anniversary: How a technological marvel for trade changed the environment forever – The Conversation

    Erie Canal’s 200th Anniversary: How a Trade Marvel Transformed the Environment Forever

    Day 5 of Gains Streak for Solidion Technology Stock with 475% Return (vs. -20% YTD) [10/14/2025] – Trefis

    Solidion Technology Stock Rockets for 5th Consecutive Day, Soaring an Astonishing 475% Year-to-Date

    Tracking DNA and RNA Together To Unlock Disease Insights – Technology Networks

    Unlocking Disease Insights by Tracking DNA and RNA Together

    The future of battery technology – Engineer Live

    Revolutionizing Energy: Exploring the Future of Battery Technology

    How Can Boosting Your Travel Experience with Less Technology Lead to a More Relaxing Vacation? All You Need to Know About This Latest Trend – Travel And Tour World

    How Can Boosting Your Travel Experience with Less Technology Lead to a More Relaxing Vacation? All You Need to Know About This Latest Trend – Travel And Tour World

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Technology

Exclusive: Chipper Cash cuts 15 jobs in fourth round of layoffs

December 12, 2023
in Technology
Exclusive: Chipper Cash cuts 15 jobs in fourth round of layoffs
Share on FacebookShare on Twitter

Chipper Cash, the Africa-focused fintech unicorn, has laid off 15 people across various departments in its fourth round of layoffs over the last year, a source familiar with the company’s operations told TechCabal. The latest job cuts come six months after the company axed nearly a dozen roles including its Chief Operating Officer, Alicia Levine. Most of the employees affected are from the company’s US team.

Chipper Cash confirmed the new layoffs in a statement to TechCabal, claiming its business was “doing very well” despite the headwinds reported over the last few months.

“We constantly look to ensure we have as much efficiency as possible within our global organization, and only a small number of roles were impacted by the minor restructuring,” a spokesperson for Chipper Cash said in an email to TechCabal. “No roles in Africa were affected—this year we have expanded teams on the continent. Our business is doing very well and will be profitable in a few months.”

Beyond the layoffs, Chipper Cash also cut the salaries of its remaining US and UK employees, said two sources connected to the company.

Chipper did not respond to TechCabal’s questions about the salary cuts. 

Chipper Cash was founded in 2018 by Ham Serunjogi, originally from Uganda, and Ghanaian Maijid Moujaled. The duo set out to digitize remittance payments into Africa.

The company operates a cross-border payments service that allows Africans to send and receive money from eight countries, including Nigeria, Africa’s biggest economy by population and GDP, South Africa, the UK and the US. Chipper Cash styled itself as a zero-fee payment platform, allowing users to make peer-to-peer transactions without charging a commission upfront. The company made revenue from the exchange rate arbitrage involved in international fund transfers. In addition to global fund transfers, the service helps merchants accept payments online.

Chipper Cash also offers other products that allow everyday consumers to trade cryptocurrency, pay bills, buy airtime and shop online directly from a digital wallet or a virtual debit card powered by Visa, the American card company. According to information on the startup’s website, users in Nigeria and Uganda can also buy and sell fractional stocks in publicly traded companies listed on American stock exchanges.

Since it launched, Chipper Cash has raised over $300 million in venture funding across multiple rounds that originally valued it at $2.2 billion in late 2021. Some of its prominent investors include fintech investor Ribbit Capital; Bezos Expeditions, the venture fund of Amazon founder Jeff Bezos; Silicon Valley Bank; and FTX, the failed crypto exchange.

Buoyed by the pandemic, digital payments accelerated in Africa, fueling Chipper Cash’s growth in the region. By 2021, the company’s revenue had grown four times to $75 million, compared to $18 million in the previous year, according to Forbes. Company insiders say its annual revenue topped $100 million by the end of 2022.

Chipper Cash claimed it had over 4 million users at its peak in 2021. Now, the company boasts over 5 million downloads on the Apple and Google app stores after splashy marketing campaigns, including a partnership with Grammy-award-winning musician Burna Boy, which industry insiders say could be worth as much as $1 million.

Backed by hundreds of millions of dollars, Chipper Cash had adopted a “growth-at-all-cost” mindset to justify its unicorn valuation in a challenging macroeconomic environment like Africa. The startup hired aggressively in the UK and US, where it opened an office in San Francisco. It recruited 250 new employees between 2021 and 2022, doubling its workforce to 450.

But Chipper Cash’s growth spree began to cool as higher interest rates in the US to tackle inflation put pressure on companies and sparked fears of a possible recession. Venture funding dried up, and startups, including Chipper Cash, faced urgency to conserve costs. The fintech company has also seen renewed competition from rivals, including Flutterwave, Eversend and LemFi, promising to simplify domestic and international money transfers.

In late 2022, Chipper Cash cut around 180 jobs, representing 40% of its workforce. By February 2023, at least six of its senior leadership team members had left the company, including its chief operating officer, chief information officer, chief revenue officer, global head of marketing and its chief compliance officer.

“The last two years were a period of rapid growth and scaling for us as a business and, to reflect this, our global headcount grew by around 250 people,” said Chipper Cash CEO Ham Serunjogi in February after the second round of job cuts. “However, given the macroeconomic climate, we are narrowing our current focus to core markets and products.”

The startup also ditched plans to expand to new markets in Europe and the Middle East. And with that organizational pivot, Serunjogi explained, “The reality is that we, unfortunately, need a smaller team at Chipper.”

Chipper Cash has faced additional financial pressure after two of its prominent investors, FTX and Silicon Valley Bank, collapsed between Nov. 2022 and Mar. 2023. While the startup has reassured that its business is safe, a look into FTX’s financial statement showed it had marked down Chipper Cash’s valuation from $2 billion to $1.25 billion. Other reports claim the startup had slashed the value of its employee stock options by as much as 70%.

Chipper Cash has also reportedly raised $25 million in convertible debt from an undisclosed investor that would convert at a $450 million valuation in the event of an acquisition or a new fundraise.

The company is looking to conserve cash and extend its runway in a difficult fundraising environment.

Get the best African tech newsletters in your inbox

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechCabal – https://techcabal.com/2023/12/11/chipper-cash-cuts-15-jobs/

Tags: ChipperExclusivetechnology
Previous Post

Man Utd prepare for Martial departure and target City midfielder Phillips

Next Post

ChipperCash lays off employees again 

‘Rewilding’ promoted as key contributor to conservation efforts – China Daily

How ‘Rewilding’ is Revolutionizing Conservation Across the Globe

October 16, 2025
Arkansas students invited to join 2026 Soybean Science Challenge – KATV

Arkansas students invited to join 2026 Soybean Science Challenge – KATV

October 16, 2025
Free Homeschool science event Nov. 5 in West Bend, WI with author Michael Lane – Washington County Insider

Join Author Michael Lane for a Fun and Free Homeschool Science Event on Nov. 5 in West Bend, WI!

October 16, 2025
My standoff with the Bay Area’s most intimidating new sandwich – Yahoo

My Showdown with the Bay Area’s Most Intimidating New Sandwich

October 16, 2025
A Nobel Prize for explaining when technology leads to growth – NPR

Nobel Prize Awarded for Unraveling How Technology Drives Economic Growth

October 16, 2025
Sports/Rec calendar: Oct. 17–26, 2025 – Cascadia Daily News

Don’t Miss These Thrilling Sports and Recreation Events Happening October 17-26, 2025!

October 16, 2025
Task Force Urges World Bank and International Monetary Fund to Prioritize Climate, Restructure Lending Policies – Inside Climate News

Task Force Urges World Bank and IMF to Prioritize Climate Action and Overhaul Lending Policies

October 16, 2025
Opinion: California’s two-tier economy mirrors UK’s ‘Upstairs, Downstairs’ past – Times of San Diego

How California’s Two-Tier Economy Echoes the UK’s ‘Upstairs, Downstairs’ Divide

October 16, 2025
This Haunting ‘60s Country Song Is Even More Tragic Than You Remember – Yahoo

This Haunting ’60s Country Song Will Break Your Heart All Over Again

October 16, 2025
Iron County nonprofit connects public to health experts – Upper Michigan’s Source

Iron County Nonprofit Connects Community with Health Experts to Improve Well-Being

October 16, 2025

Categories

Archives

October 2025
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Sep    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (870)
  • Economy (891)
  • Entertainment (21,763)
  • General (17,626)
  • Health (9,933)
  • Lifestyle (904)
  • News (22,149)
  • People (892)
  • Politics (901)
  • Science (16,102)
  • Sports (21,391)
  • Technology (15,871)
  • World (874)

Recent News

‘Rewilding’ promoted as key contributor to conservation efforts – China Daily

How ‘Rewilding’ is Revolutionizing Conservation Across the Globe

October 16, 2025
Arkansas students invited to join 2026 Soybean Science Challenge – KATV

Arkansas students invited to join 2026 Soybean Science Challenge – KATV

October 16, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version