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Report: Chipper Cash Valuation Dropped to $1.25 Billion After it Secured Additional Funding From FTX – Featured Bitcoin News
After Chipper Money ended 2021 as one in all 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 staff because it seeks to deal with the deteriorated macroeconomic setting.
FTX’s Easy Settlement for Future Fairness
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 report has stated. The newest revelation got here simply as Chipper Money was reported to have retrenched as many as 50 staff.
As beforehand reported 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.
Nonetheless, based on 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 troublesome macroeconomic setting, the report added.
Chipper Money the Newest African Fintech to Lay Off Employees
In the meantime, in what has seemingly turn into a customized adopted by fintechs after they lay off staff, Erin Fusaro, the vice chairman of engineering at Chipper Money, urged tech corporations in search of gifted employees to think about hiring her former colleagues.
“This morning [Dec. 5] a major quantity of Chipper workers 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 the event you’re in search of gifted engineering management, engineers, technical program managers, analysts, or IT workers,” Fusaro stated in a Linkedin publish, “please remark right here and I’ll do my greatest to begin connecting folks.”
Quidax and Nestcoin are two African fintechs to have equally requested their better-positioned trade friends to think about recruiting their former staff.
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