Paystack Sacks 33 Workers In Europe, UAE

Popular financial technology (FinTech) company, Paystack, has sacked 33 workers from its employ in Europe and United Arab Emirates (UAE).

The fintech said the decision was to change its operating model to prioritise locating team members within the markets it serves, to localise costs and get closer to customers.

LEADERSHIP reports that Paystack, with headquarters in Lagos, is a Nigerian financial technology company that offers payment processing services to businesses. It was acquired by Irish-American financial services company Stripe for $200m in 2020.

Taking to his X handle (formerly Twitter) on Thursday to disclose the development, co-founder and CEO of Paystack, Shola Akinlade, said: “Today was a difficult day at Paystack.”

Akinlade further wrote: “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.

“If you’re looking for great talent, kindly indicate your interest here forms.gle/mcC2tdQQjQxEgr…”