ASHENEWS reports that a Nigerian fintech company, Paystack has announced the sack of 33 employees in its offices in the United Arab Emirates (UAE) and Europe.
A Co-founder of the firm, Shola Akinlade who took to his X handle on Thursday to announce the management’s decision described the day as ‘a difficult day in Paystack’.
Akinlade said that the firm was changing its operating model to prioritize locating team members within the markets it serves.
This is also to enable it to localize costs and move closer to customers.
“We’re sparing no expense to minimize disruption to the lives of team members. The severance package includes 4 months’ salary, accelerating equity vesting, extending health insurance by 3 months, and more.
“These are some of the most talented people I’ve ever worked with, and my goal is to ensure that every single one finds new roles as soon as possible. I’m personally happy to vouch for each one and do reference calls as needed,” he said.
Co-founded in 2015 by Shola Akinlade and Ezra Olubi, the company seeks to provide payment problems for businesses.
In July 2017, the company reached a record 1 billion naira monthly transaction value, its first biggest transaction at that time.
By October 2018, Paystack had processed over N10 billion, about $27.5 million in a single month.
