Chipper Cash, the pan-African cross-border payment company led by Ugandan tech tycoon Ham Serunjogi, has confirmed a fourth round of layoffs, affecting 15 employees across various departments — this move follows earlier staff reductions throughout 2022, culminating in a total of three rounds of layoffs within the last year.
The latest downsizing, announced by the company led by Ham Serunjogi, comes just six months after a significant workforce reduction that included the departure of Chief Operating Officer Alicia Levine — the affected roles in this latest round primarily impacted the company’s U.S. team.
Despite the layoffs, Chipper Cash expressed confidence in its business performance, asserting that it is “doing very well” amid reported challenges in recent months. Two sources connected to the company revealed that, in addition to job cuts, the firm has also implemented salary reductions for its remaining employees in the United States and UK.
Chipper Cash optimizes global operations: A few roles impacted in minor restructuring
A Chipper Cash spokesperson stated: “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. 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.”
Chipper Cash, established in 2018 by Ham Serunjogi and Ghanaian business partner Maijid Moujaled, operates a cross-border payment platform offering fee-free peer-to-peer payments in seven African countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya. Despite recent workforce adjustments, the company emphasized its commitment to expansion within the African market.
Chipper Sash secures $300 million in VC funding, hits $2.2 billion valuation
Since its inception nearly five years ago, Chipper Cash has raised $300 million in venture capital funding, securing a valuation of $2.2 billion. The company also maintains an operational presence in the UK, facilitating money transfers from the country to various African markets.
In November 2021, Chipper Cash garnered $150 million in a Series-C extension round led by Sam Bankman-Fried’s cryptocurrency exchange platform FTX. Notably, FTX faced controversy and scrutiny after Coindesk reported irregularities in the company’s balance sheets, resulting in the platform’s implosion in mid-November.
Earlier this year, Chipper Cash disclosed considerations for a potential sale or seeking new investors as part of its strategic efforts to fortify its position in the dynamic digital payments market in Africa. The company remains focused on navigating the evolving landscape of cross-border payments and digital finance across the continent.