Once upon a time, Chipper Cash was another FinTech unicorn but lost its net value with the Silicon Valley Bank downfall that impacted the “used to” FinTech unicorn to lose a significant workforce. Chipper has reportedly laid off a significant number of the workforce in less than a year and recently released the third round of retrenchment on stealth. Still, Techbooky Africa reports.
This time around the executive office of the prior FinTech unicorn suffers the retrenchment scheme that currently played out including the office of several product managers, the country director for Kenya, the vice president of marketing, and the global chief operating officer. Chipper Cash said these offices will be open for replacement in line with its motive that impacted three rounds of staff retrenchment
Ever since Chipper Cash lost its investors, it became very shallow with finances with no investment backup plan impacted the FinTech start-up to embark on an in-house restructuring campaign. Recall, the FinTech start-up started sacking its employees toward the end of 2022 when more than fifty employees were laid off — the selected representative of each department was affected by unemployment at the time — mind you, that was the first round of retrenchment on board Chipper Cash’s retrenchment campaign.
“As part of our previously announced restructuring as an organization to focus on core products and markets, we recently made redundant a very small number of roles across our global teams,” Chipper Cash CEO Ham Serunjogi said.
The FinTech start-up remained keen with the restructuring mode bankruptcy rubbed off on its business capital and the workforce capital likewise. Despite reactions that depicted concerns about the level of the workforce Chipper had to let go again at the second round of retrenchment that left more than one hundred staff unemployed.
After two rounds of retrenchment, Chipper Cash’s retrenchment scheme was uncertain to the digital ecosystem about the FinTech start-up restructuring campaign. The third round of retrenching executive staff tales more insights than what Serunjogi wants the world to know about his method of managing the FinTech unicorn that currently competes with bankruptcy.
Recall Techbooky Africa reported that Serunjogi considered selling his FinTech start-up rather than settling for an acquisition or a merger because of the plummeted net capital to bankroll the working capital. Chipper Cash is yet to proceed with the entity sale or consider investors to replace the SVB and sponsor its expenses and relent on sacking staff.
