Chipper Cash lays off workers, few weeks after it announced its first acquisition

African startup, Chipper Cash, which specialises in cross-border payments, has had to lay off a significant number of employees.

The layoff, though unannounced, was confirmed by one Erin Fusaro, who happens to be the company’s Vice president of Engineering, after she posted on LinkedIn the demise.

Commenting on the layoff, Iain Standing, former-Technical Program Manager, and one of those affected, said, “unfortunately my time at Chipper Cash as a Technical Program Manager has come to an end amidst a round of layoffs. I am looking for a new role and would appreciate your support. Thank you in advance for any connections, advice, or opportunities you can offer.”

According to information obtained by TechCrunch, more than fifty individuals were affected across various departments; sources say that the engineering team suffered the largest blow, with approximately sixty percent of the layoffs occurring there. Since there are roughly 400 people working for Chipper Cash, as revealed on the company’s LinkedIn page, this means that about 50 people lost their jobs.

There are speculations that this layoff could be related to the failure of Sam Bankman-FTX Fried’s bitcoin trading platform. Mr. Bankman-FTX Fried’s platform drove a Series C round of funding of $150 million for Chipper Cash last year, when it was valued at just over $2 billion.

FTX went ahead to announce its bankruptcy, after it lost billions of dollars in a failed purchase transaction with rival exchange Binance last month.

Chipper Cash hasn’t said anything yet on any of its social media platforms nor on the company’s blog.