Popular financial technology (FinTech) company, Paystack, has made the decision to change its operating model, leading to the termination of employment for 33 workers in Europe and the United Arab Emirates (UAE).
The fintech, headquartered in Lagos, Nigeria, aims to prioritize locating team members within the markets it serves to localize costs and enhance proximity to customers.
Co-founder and CEO of Paystack, Shola Akinlade, shared the development on Thursday via his X handle (formerly Twitter), stating, “Today was a difficult day at Paystack.”
Akinlade elaborated, “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 minimize 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 [link],” the paystack CEO said in vouching recommendation for them to other employers.