Paystack has announced its plan to reduce its operations outside of Africa, reducing the number of employees in Europe and Dubai, affecting 33 employees working with the payment platform.
This announcement was made public on Thursday by Paystack co-founder and CEO Shola Akinlade, who posted it on X, formerly Twitter. To further explain his statement, the CEO said the fintech company will change its operating model to have its team located within the markets it serves to localize costs.
Akinlade said the company also plans to compensate affected employees in its recent layoff by giving them four months' salary, extending their health insurance by three months, and accelerating their equity vesting, “and more.”
The Tweet reads,
- Today was a difficult day at Paystack.
- We’re reducing our operations outside of Africa, and will be parting ways with up to 33 employees in Europe and the UAE.
- In the last 3 years, our hiring philosophy was to recruit great talent regardless of location, including opening an engineering hub in Dubai.
- We’re changing our operating model to prioritize locating team members within the markets we serve, to localize costs and get closer to customers.
- We’re sparing no expense to minimise 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.
Read more: https://www.investingport.com/payst...ope-and-dubai-to-expand-operations-in-africa/