Lazerpay To Layoff Employees After Investor Pulls Out

Lazerpay said it will lay off a significant number of its employees after a failed attempt to raise seed funds with its lead investor pulling out.

Lazerpay founder and CEO, Emmanuel Njoku revealed that its management staff have been working without salary for several months while junior staff salaries were cut. He further stated that the layoffs have no connections with the collapse of FTX and reassured customers that their funds are safe.

A statement seen by Techlivefeeds on the company’s Twitter page reads: “Earlier this year, we began raising our seed round and had interest from investors. Unfortunately, our proposed lead investor pulled out abruptly due to market conditions and disagreement on terms. This impacted our ability to complete this round. In a bid to extend our runway, our management team stopped taking a salary, and our employees graciously stayed on board with a pay cut over the past few months.

“Despite these sacrifices, in addition to changing our fundraising strategy and making the needed adjustments in the operations of the business, we are still faced with a hard decision to downsize and part ways with some incredibly talented members of our team.

“This is unrelated to the FTX collapse. Lazerpay did not hold any assets in FTX and, consequently, is unaffected. Our customers’ funds are safe, and the company will keep processing payments as normal. We remain firm in our mission to enable businesses to go global.”