Skip to main content

Nigeria’s Fintech Startup Paystack Cuts Workforce, 33 Employees to Depart

Nigeria's Fintech Startup Paystack Cuts Workforce, 33 Employees to Depart

The Nigerian fintech startup, Paystack, will be scaling down its operations outside Africa. In addition, Paystack will part ways with at least 33 employees based in Europe and the United Arab Emirates. Co-founder Shola Akinlade has promised to help affected employees secure new roles elsewhere.

‘Localizing Costs and Getting Closer to Customers’

The payments fintech startup, Paystack, recently said it is downsizing its operations outside Africa and will let go a total of 33 employees based in Europe and the United Arab Emirates (UAE). Shola Akinlade, who also goes by the name Shollsman on the social media platform X, said the company’s renewed focus on Nigeria is intended to “localize costs and get closer to customers.”

In an announcement shared via social media, Akinlade said Paystack had taken steps to ensure a soft landing for the retrenched workers. He explained:

“We’re sparing no expense to minimise disruption to the lives of team members. The severance package includes 4 months’ salary, accelerating equity vesting, extending health insurance by 3 months, and more.”

By parting ways with some of its talented employees, Paystack, which was acquired by Stripe in 2020, joins a growing list of Nigerian fintech startups which have either shut down completely or significantly reduced their headcount. As reported by Bitcoin.com News, some of these startups have attributed the worker retrenchments to the so-called crypto winter.

Meanwhile, the Paystack co-founder said his immediate task now is to help the affected employees secure new roles elsewhere as soon as possible. On the social media platform X (formerly Twitter), the key talking point for some users is Akinlade’s empathy towards the affected workers.

Register your email here to get a weekly update on African news sent to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.



from Bitcoin News https://ift.tt/71APeYW
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting ...
Post a Comment
Read more