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</header> <div class="featured_image_container"> <img width="1280" height="720" src="https://static.news.bitcoin.com/wp-content/uploads/2022/12/shutterstock_556358923.jpg" class="story__img article__poster" alt="" decoding="async" loading="lazy" srcset="https://static.news.bitcoin.com/wp-content/uploads/2022/12/shutterstock_556358923-300x169.jpg 300w, https://static.news.bitcoin.com/wp-content/uploads/2022/12/shutterstock_556358923-1024x576.jpg 1024w, https://static.news.bitcoin.com/wp-content/uploads/2022/12/shutterstock_556358923-768x432.jpg 768w, https://static.news.bitcoin.com/wp-content/uploads/2022/12/shutterstock_556358923-190x107.jpg 190w, https://static.news.bitcoin.com/wp-content/uploads/2022/12/shutterstock_556358923-380x214.jpg 380w, https://static.news.bitcoin.com/wp-content/uploads/2022/12/shutterstock_556358923-760x428.jpg 760w, https://static.news.bitcoin.com/wp-content/uploads/2022/12/shutterstock_556358923.jpg 1280w" sizes="(max-width: 1280px) 100vw, 1280px"/> </div> <p><strong>After Chipper Money ended 2021 as one in every of Africa’s most valued fintechs, the FTX-backed startup’s valuation dropped from $2 billion to $1.25 billion after it reportedly acquired a $35 million easy settlement for future fairness (SAFE) grant from the now-collapsed crypto alternate FTX. Chipper Money has additionally reportedly laid off 50 workers because it seeks to deal with the deteriorated macroeconomic atmosphere.</strong></p> <h2>FTX’s Easy Settlement for Future Fairness</h2> <p>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 further funding from the now-collapsed crypto alternate, a Techcrunch <a target="_blank" href="https://techcrunch.com/2022/12/06/ftx-marked-down-chipper-cashs-valuation-from-2b-to-1-25b/" rel="noopener">report</a> has stated. The newest revelation got here simply as Chipper Money was reported to have retrenched as many as 50 workers.</p> <p>As beforehand <a target="_blank" href="https://news.bitcoin.com/african-fintech-giant-raises-150-million-in-funding-round-led-by-ftx-firm-now-valued-at-over-2-billion/" rel="noopener">reported</a> 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 acquired $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.</p> <p>Nevertheless, in keeping with the Techcrunch report, the drop within the fintech’s valuation stems from the $35 million it acquired 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 atmosphere, the report added.</p>
<h2>Chipper Money the Newest African Fintech to Lay Off Employees</h2> <p>In the meantime, in what has seemingly develop into a customized adopted by fintechs once they lay off workers, Erin Fusaro, the vp of engineering at Chipper Money, urged tech companies in search of gifted staff to think about hiring her former colleagues.</p> <p>“This morning [Dec. 5] a major quantity of Chipper employees have been let go in a layoff. Whereas I used to be not amongst them, lots of my shut colleagues and pals have been. In case you’re in search of gifted engineering management, engineers, technical program managers, analysts, or IT employees,” Fusaro stated in a Linkedin <a target="_blank" href="https://www.linkedin.com/posts/erinefusaro_this-morning-a-significant-amount-of-chipper-activity-7005542441739063296-JmxT/?utm_source=share&utm_medium=member_desktop" rel="noopener">post</a>, “please remark right here and I’ll do my greatest to begin connecting folks.”</p> <p><a target="_blank" href="https://news.bitcoin.com/report-nigerian-crypto-exchange-quidax-cuts-its-workforce-by-20/" rel="noopener">Quidax</a> and <a target="_blank" href="https://news.bitcoin.com/nigerian-web3-startup-says-funds-are-stuck-with-ftx-lays-off-employees/" rel="noopener">Nestcoin</a> are two African fintechs to have equally requested their better-positioned business friends to think about recruiting their former workers.</p> <p><em>Register your e-mail right here to get a weekly replace on African information despatched to your inbox:</em><br/></p> <p><em><strong>What are your ideas on this story? Tell us what you assume within the feedback part beneath. </strong></em></p> <div class="article__body__author"> <div class="article__body__author__avatar"> <img src="https://static.news.bitcoin.com/wp-content/uploads/2020/07/terexe1-150x150.jpg" srcset="https://static.news.bitcoin.com/wp-content/uploads/2020/07/terexe1-150x150.jpg 1x, https://static.news.bitcoin.com/wp-content/uploads/2020/07/PCGW7J6e-terexe1.jpg 2x" class="avatar avatar-150 photo"/> </div> <div class="article__body__author__info"> <h6 class="article__body__author__info__name"> Terence Zimwara </h6> <p class="article__body__author__info__about"> Terence Zimwara is a Zimbabwe award-winning journalist, creator and author. He has written extensively in regards to the financial troubles of some African nations in addition to how digital currencies can present Africans with an escape route.<br/><span class="td-social-icon-wrap"> <a target="_blank" href="https://www.linkedin.com/in/terence-zimwara-blockchain-africa/" title="Linkedin" rel="noopener"> <i class="td-icon-font td-icon-linkedin"/> </a> </span> <span class="td-social-icon-wrap"> <a target="_blank" href="https://twitter.com/tem2ra" title="Twitter" rel="noopener"> <i class="td-icon-font td-icon-twitter"/> </a> </span> <span class="td-social-icon-wrap"> <a target="_blank" href="https://t.me/tadisa5" title="Telegram" rel="noopener"> <i class="td-icon-font td-icon-telegram"/> </a> </span> </p> </div> </div>
<p class="images_credits"><em><b>Picture Credit</b>: Shutterstock, Pixabay, Wiki Commons</em></p>
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