Sharing the news on LinkedIn, the firm’s VP of revenue, Stefano Pardi, wrote: "Friday was a sad day for Chipper Cash, as many talented people were let go. For my network: there is an incredibly talented pool of individuals across the US, UK, South Africa, Nigeria, Kenya, and more. All areas have been impacted, from recruiting, HR, marketing, pricing, product, analytics, UX, research, legal, and more."

Pardi didn’t share numbers but local news outlets suggest that the cuts took out almost a third of its remaining workforce, impacting 100 employees.

Chipper Cash last raised $150 million at a $2 billion valuation in a Series C extension round led by cryptocurrency exchange FTX in November 2021. The subsequent implosion of FTX has led to a massive devaluation of Chipper Cash stock, which currently languishes at about $1.25 billion.