PayStack, the Nigerian fintech acquired by Stripe in 2020 for $200 million, is reportedly laying off 33 workers in Europe and the United Arab Emirates (UAE).
The CEO of Paystack, Shola Akinlade, confirmed the layoffs in a tweet stating that the company is reducing its operations outside Africa which has led to the decision to let go of 33 employees in Europe and the UAE.
Today was a difficult day at Paystack.
We’re reducing our operations outside of Africa, and will be parting ways with up to 33 employees in Europe and the UAE.
In the last 3 years, our hiring philosophy was to recruit great talent regardless of location, including opening an…
— shollsman (@shollsman) November 16, 2023
Paystack enables businesses to accept payments globally on the web and mobile, facilitating transactions through credit cards, debit cards, and direct bank transfers. The platform seamlessly connects various multi-channel payment options with merchants across the country.
After its acquisition by the U.S.-based fintech, Stripe, Paystack expanded its geographical presence by establishing offices in:
- Accra, Ghana
- Cape Town, South Africa
- Dubai, UAE
- Nairobi, Kenya
This expansion was complemented by recruiting staff in Europe through remote operations and establishing an engineering hub in Dubai.
According to LinkedIn data, Paystack has 27 employees in the United Arab Emirates, 25 employees in the United Kingdom, and seven other staffers residing in European Union countries, including Germany, Portugal, and France.
Paystack’s parent company, Stripe, on its part laid off 14% of its workforce in November 2022. The U.S. payment giant subsequently further reduced its headcount in June 2023, as reported by The Information.
The company, which has been making progress in deepening its operations in Africa, operates in Nigeria, Ghana, South Africa, and Kenya will seemingly prioritize recruitment in these markets going forward.
“We’re changing our operating model to prioritize locating team members within the markets we serve, to localize costs and get closer to customers,” Akinlade said.
PayStack has hundreds of customers that use its payment service. Some of PayStacks clients include:
- MTN
- BOLT
- Carbon
- BuyCoins
- PiggyVest
- Cowrywise
- NairaBet
- Branch
- RelianceHMO
among others.
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