Paystack, a Nigerian payment platform, has reported the dismissal of 33 employees throughout Europe and the United Arab Emirates (UAE).
Shola Akinlade, co-founder and Paystack’s CEO, announced this in a post on X, formerly Twitter, on Thursday, November 16, 2023.
According to Akinlade, the plan to lay off personnel is the result of a change in the company’s operating strategy that prioritizes local team members in the areas it serves.
His post on X 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.”
The payment company CEO also unveiled a severance package for those affected.
“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.
“If you’re looking for great talent, kindly indicate your interest here forms.gle/mcC2tdQQjQxEgr…”
Stripe, a fintech startup based in the United States, purchased Paystack for $200 million in 2020, leading in the company’s expansion by opening offices in Accra, Cape Town, Dubai, and Nairobi.
This growth was reinforced by hiring remote employees in Europe and establishing an engineering base in Dubai.
Paystack previously has offices in Lagos and San Francisco prior to these developments.