Chipper Cash, a fintech company known for its services in Africa, made a big decision recently. After stopping its services in the United States last upper week, it’s now reducing its operations in the United Kingdom and the US even further.
This means some jobs are being moved. According to a blog post from the company, “a handful of the company’s US & UK based roles are being moved to be based within some of their African markets such as South Africa, Ghana, and Nigeria. Altogether, this change will affect about 20 of our teammates.”
Some important people, including executives, were affected by this decision. Ham Serunjogi, one of the company’s leaders, explained that they want to focus more on their African markets, where they have many customers. He also mentioned that they’ll still offer their services in the US, but for now, they’ve paused them.
This isn’t the first time Chipper Cash has had to make tough choices. Last December, they laid off fifteen people and cut the salaries of their UK and US employees. Despite these challenges, the company says its business is doing well overall.
In the past year, Chipper Cash has gone through several rounds of layoffs, affecting even some top executives. This includes people like Alicia Levine, who was the Chief Operating Officer, and Leon Kiptum, who was in charge of the company’s operations in Kenya.
Before they stopped their services in the US, Chipper Cash told their customers there to take out their money from their Chipper wallets. The company, once valued at over $2 billion, has faced difficulties recently due to changes in the global economy and less funding from investors.
Even though they raised a lot of money from investors in the past, Chipper Cash has been losing money lately. One source said they were spending around $7 million every month, which is a lot.
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