- Paystack is reducing its headcount to scale back its activities outside of Africa.
- Per the company’s LinkedIn profile, it has between 51 and 200 employees. Thus, the fintech is laying off 33 staff in Europe and the United Arab Emirates (UAE).
- Affected employees will get severance packages, which include four months’ salary, accelerating equity vesting, and three months of health insurance.
Founded in 2015 by Shola Akinlade and Ezra Olubi, Paystack sought to solve the challenge of online payment transactions in Africa.
The Stripe-owned fintech enables them to accept payments globally on the web and mobile via credit card, debit card, and direct bank transfer by seamlessly connecting all multi-channel payment options with merchants across the country.
In a tweet, Akinlade said, “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 company, which has been making progress in deepening its operations in Africa, operates in Nigeria, Ghana, South Africa, and Kenya.
On November 2, 2023, Paystack announced that it had obtained the required licences to conduct business in Egypt and Rwanda. It also partnered with financial institutions to provide financial services in Côte d'Ivoire.
The expansion, which started with a private beta phase, will help Paystack "refine our platform in each of these countries, implement feedback, and ensure that we build a fast, reliable, and truly delightful payment experience for each respective market."
On November 9, 2023, the Nigerian fintech startup launched a direct debit product that would allow Nigerian businesses to charge customers’ bank accounts directly.
Additionally, in October 2023, the company launched Paystack Virtual Terminal, a new product that enables physical stores to accept and confirm bank transfers.
The payment system enables physical stores to create accounts accessible to in-store attendants, allowing them to confirm payments without requiring the store manager's assistance.