Chipper cash will be Africa’s most valuable After exiting as one of the fintech firms, the valuation of the FTX-backed startup received a $35 million Simple Future Equity (SAFE) grant from now-collapsed crypto exchange FTX. It fell from $2 billion to $1.25 billion after it was reportedly Chipper Cash has also reportedly laid off 50 employees in an attempt to cope with the deteriorating macroeconomic environment.
Simple agreement for future stake in FTX
Chipper Cash, one of the African fintech startups funded by FTX, has a valuation of decreased from $2 billion to $1.25 billion. According to a Techcrunch report, additional funding is coming from a now-collapsed cryptocurrency exchange. The latest revelation came just as it was reported that Chipper Cash had cut as many as 50 of his employees.
As previously reported by Bitcoin.com News, Chipper Cash, which was launched in 2018 by Ham Serunjogi and Maijid Moujaled, has earned him $150 million in an extended Series C round. after its valuation exceeded $2 billion. Led by FTX in late 2021. Prior to that, the fintech had raised $100 million in a Series C round.
However, a Techcrunch report attributed this decline in fintech valuation to his $35 million received from FTX. Chippercash needed new funding, reportedly in the form of a Simple Agreement for Future Equity (SAFE) grant, to cope with the tough macroeconomic environment, the report added.
Chippers cash in latest African fintech to lay off workers
Visible is Erin Fusaro, Chipper’s Vice President of Engineering. Cash has urged tech companies looking for talented workers to consider hiring her former colleague.
“This morning [Dec. I was laid off, I wasn’t among them, but many of my close colleagues and friends were.Looking for a talented engineering leader, engineer, technical program manager, analyst, or IT staff If there is,” Fusaro said in a Linkedin post. Man. “
Quidax and Nestcoin, two fintech firms in Africa, have similarly asked their more established peers to consider hiring former employees.
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