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After Chipper Money ended 2021 as considered one of Africa’s most valued fintechs, the FTX-backed startup’s valuation dropped from $2 billion to $1.25 billion after it reportedly obtained a $35 million easy settlement for future fairness (SAFE) grant from the now-collapsed crypto trade FTX. Chipper Money has additionally reportedly laid off 50 staff because it seeks to deal with the deteriorated macroeconomic setting.
FTX’s Easy Settlement for Future Fairness
Chipper Money, one of many a number of African fintech startups to obtain funding from FTX, noticed its valuation drop from $2 billion to $1.25 billion after it secured extra funding from the now-collapsed crypto trade, a Techcrunch report has mentioned. The most recent revelation got here simply as Chipper Money was reported to have retrenched as many as 50 staff.
As beforehand reported by Bitcoin.com Information, Chipper Money, which was launched in 2018 by Ham Serunjogi and Maijid Moujaled, noticed its valuation rise to over $2 billion after it obtained $150 million in a Sequence C extension spherical that was led by FTX in late 2021. Earlier than that, the fintech had raised $100 million by way of its Sequence C spherical.
Nevertheless, in line with the Techcrunch report, the drop within the fintech’s valuation stems from the $35 million it obtained from FTX. Chipper Money wanted the brand new funding, which reportedly got here within the type of a easy settlement for future fairness (SAFE) grant, to assist it cope with a tricky macroeconomic setting, the report added.
Chipper Money the Newest African Fintech to Lay Off Staff
In the meantime, in what has seemingly turn out to be a customized adopted by fintechs once they lay off staff, Erin Fusaro, the vp of engineering at Chipper Money, urged tech companies in search of proficient staff to think about hiring her former colleagues.
“This morning [Dec. 5] a big quantity of Chipper employees had been let go in a layoff. Whereas I used to be not amongst them, a lot of my shut colleagues and buddies had been. In case you’re in search of proficient engineering management, engineers, technical program managers, analysts, or IT employees,” Fusaro mentioned in a Linkedin post, “please remark right here and I’ll do my greatest to start out connecting individuals.”
Quidax and Nestcoin are two African fintechs to have equally requested their better-positioned trade friends to think about recruiting their former staff.
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