Paystack is streamlining its workforce to focus more on its activities within Africa.
The fintech, with a staff range of 51 to 200 according to its LinkedIn profile, is letting go of 33 employees in Europe and the UAE.
Those affected will receive comprehensive severance packages, including four months’ salary, accelerated equity vesting, and three months of health insurance.
Founded in 2015 by Shola Akinlade and Ezra Olubi, Paystack aimed to address the challenges of online payment transactions in Africa.
Recently acquired by Stripe for over $200 million, the company continues to operate independently.
Akinlade explained a shift in their hiring philosophy, emphasizing placing team members within the markets they serve.
While Paystack deepens its operations in Africa, it operates in Nigeria, Ghana, South Africa, and Kenya.
Recent expansions into Egypt and Rwanda, along with partnerships for financial services in Côte d’Ivoire, demonstrate the company’s commitment to refining its platform and providing a seamless payment experience in various markets.
On November 9, 2023, Paystack introduced a direct debit product for Nigerian businesses, allowing them to charge customers’ bank accounts directly.
Additionally, the October 2023 launch of Paystack Virtual Terminal enables physical stores to accept and confirm bank transfers independently, streamlining payment processes.
