Chipper Cash, led by Ugandan businessman Ham Serunjogi, has announced a fourth round of layoffs, affecting 15 employees across various departments, following three previous rounds in 2022.
Ham Serunjogi’s company announced a downsizing, primarily affecting its U.S. team, six months after a significant workforce reduction, including the departure of Alicia Levine.
Despite job cuts and salary reductions, Chipper Cash maintains confidence in its business performance despite recent challenges, stating it is doing well.
“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,” said Chipper Cash in a statement.
The tech firm was founded in 2018 – a cross-border payment platform offering fee-free peer-to-peer payments in seven African countries, despite workforce adjustments and a commitment to expansion.
It has managed to raise $300 million in venture capital funding since its inception nearly five years ago, 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.
FTX faced controversy and scrutiny after Coindesk reported irregularities in the company’s balance sheets, resulting in the platform’s implosion in mid-November.
