Report: Chipper Cash Valuation Dropped to $1.25 Billion After it Secured Additional Funding From FTX

After Chipper Cash ended 2021 arsenic 1 of Africa’s astir valued fintechs, the FTX-backed startup’s valuation dropped from $2 cardinal to $1.25 cardinal aft it reportedly received a $35 cardinal elemental statement for aboriginal equity (SAFE) assistance from the now-collapsed crypto speech FTX. Chipper Cash has besides reportedly laid disconnected 50 employees arsenic it seeks to header with the deteriorated macroeconomic environment.

FTX’s Simple Agreement for Future Equity

Chipper Cash, 1 of the respective African fintech startups to person backing from FTX, saw its valuation driblet from $2 cardinal to $1.25 cardinal aft it secured further backing from the now-collapsed crypto exchange, a Techcrunch report has said. The latest revelation came conscionable arsenic Chipper Cash was reported to person retrenched arsenic galore arsenic 50 employees.

As antecedently reported by Bitcoin.com News, Chipper Cash, which was launched successful 2018 by Ham Serunjogi and Maijid Moujaled, saw its valuation emergence to implicit $2 cardinal aft it received $150 cardinal successful a Series C hold circular that was led by FTX successful precocious 2021. Before that, the fintech had raised $100 cardinal via its Series C round.

However, according to the Techcrunch report, the driblet successful the fintech’s valuation stems from the $35 cardinal it received from FTX. Chipper Cash needed the caller funding, which reportedly came successful the signifier of a elemental statement for aboriginal equity (SAFE) grant, to assistance it woody with a pugnacious macroeconomic environment, the study added.

Chipper Cash the Latest African Fintech to Lay Off Workers

Meanwhile, successful what has seemingly go a customized adopted by fintechs erstwhile they laic disconnected employees, Erin Fusaro, the vice president of engineering astatine Chipper Cash, urged tech firms looking for talented workers to see hiring her erstwhile colleagues.

“This greeting [Dec. 5] a important magnitude of Chipper unit were fto spell successful a layoff. While I was not among them, galore of my adjacent colleagues and friends were. If you’re looking for talented engineering leadership, engineers, method programme managers, analysts, oregon IT staff,” Fusaro said successful a Linkedin post, “please remark present and I’ll bash my champion to commencement connecting people.”

Quidax and Nestcoin are 2 African fintechs to person likewise asked their better-positioned manufacture peers to see recruiting their erstwhile employees.

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