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FTX: Chipper Cash set to layoff employees
As the effects of the economic slump intensify, Chipper Cash, which is backed by the failing cryptocurrency exchange FTX, joins the growing…
Chipper Cash, a cross-border payment firm with an emphasis on Africa, has let go of some of its staff only a year after it received $150 million.
Vice President of Engineering Erin Fusaro of Chipper Cash confirmed the news in a LinkedIn post that RNN was able to access. The layoffs have not been formally verified by the company.
As the effects of the economic slump intensify, Chipper Cash, which is backed by the failing cryptocurrency exchange FTX, joins the growing list of firms that have reduced their staff.
Although it’s possible that Chipper Cash’s layoffs are related to their partnership with FTX, tech firms around the world have recently been severely impacted by the global economic downturn, which has forced some of the greatest digital giants to lay off large numbers of employees.
READ MORE: Top 10 tech layoffs by number of employees so far in 2022
Fusaro expressed worry for her coworkers affected by the downsizing even though she was not affected by the layoffs. She also applied for employment on their behalf through this channel. She penned:
“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, please comment here and I’ll do my best to start connecting people. To those let go today, please feel free and welcome to DM me, I’ll help you find a soft spot to land if I can.”
One of Africa’s unicorns, Chipper Cash is worth $2.2 billion as of 2021. The now-defunct cryptocurrency exchange platform FTX, operated by Sam Bankman-Fried, sponsored a Series C expansion round in which the fintech business raised $150 million last November.
The funding comes just six months after SVB Capital, the corporate venture capital arm of SVB Financial Group, led Chipper Cash’s $100 million Series C round. Since its launch, Deciens Capital, Ribbit Capital, and Bezos Expeditions have contributed about $305 million to Chipper Cash as investors.