FinTech: African Fintech Wave Lets Go 15% Of Its Staff

July 13, 2022 | FinTech, News
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The layoffs at Wave were first reported by Tech Crunch.

Wave, the fintech aiming to make Africa a cashless continent, has laid off about 15% of its 2,000 staff amidst a global slump in the values of publicly listed fintech companies, and a massive down round in storied BNPL fintech Klarna.

Tech Crunch first reported on the layoffs after it came across a LinkedIn post written by Jessica Chervin, an employee departing the fintech.

Chervin, who is also an angel investor, had joined the company only in March as an expansion lead.

Tech Crunch quoted her as follows: “Like many tech companies, Wave is adjusting rapidly to the jarring changes in capital markets in recent months and like the best of them (and importantly, as a financial institution), it has had to make very hard calls in order to ensure that it can continue to serve customers in existing markets now and long into the future. This vital shift in strategic priorities means that I and many others are leaving Wave far earlier than anyone had hoped.”

After TC contacted Wave, a spokesman revealed that nearly 300 employees (about 15% of the total staff count of 2,000) had been laid off.

In a June 30 announcement the company said:

“We regret the impact on employees and their families, but we feel strongly that the best way to honor these colleagues is to ensure their contributions last. Wave is offering enhanced benefits and packages to all affected employees to express our deep appreciation for their valuable contributions, hard work, and dedication.”

Related Story: African Fintech Wave Scores $200M Series A Raise At $1.7B

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