Paystack, the African fintech giant, has announced a significant restructuring that will result in the reduction of its workforce in Europe and the United Arab Emirates (UAE). The company plans to part ways with up to 33 employees from its operations in these regions.
In a statement released earlier today, Paystack co-founder and CEO Shola Akinlade said that the decision was made in response to the evolving landscape and the need to prioritize local talent and proximity to served markets.
“We’re changing our operating model to prioritize locating team members within the markets we serve, to localize costs, and to get closer to customers,” Akinlade stated.
Paystack has grown rapidly in recent years, expanding its operations to Ghana, Nigeria, Kenya, and South Africa. The company has also established an engineering hub in Dubai. However, according to Akinlade, the company is now shifting its focus to its core markets in Africa.
“Our mission revolves around building a growth engine for modern businesses across the continent,” Akinlade highlighted.
The company is committed to minimizing the impact of the restructuring on affected employees. As a result, it has devised a comprehensive severance package that includes four months’ salary, accelerated equity vesting, a three-month extension of health insurance, and additional provisions to support the affected individuals.
Akinlade also expressed admiration for the departing employees, underscoring their exceptional talent and commitment. “These are some of the most talented people I’ve ever worked with,” he expressed, emphasizing his commitment to supporting their transition.
“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,” Akinlade assured.
Paystack is inviting companies seeking exceptional talent to express their interest in potential hires through a dedicated channel provided by the company.
The restructuring decision is tough but necessary for the long-term success of Paystack. It is a common challenge faced by startups as they navigate the complexities of growth and expansion. Making bold decisions, even those that may be difficult is essential for startups to stay ahead of the curve and ensure their sustainability.
As Paystack transitions through this restructuring phase, the company maintains its vision to drive innovation and excellence in the fintech industry, harnessing the power of technology to transform financial services across Africa and beyond.
This restructuring is a testament to Paystack's commitment to adapting to the changing market landscape and positioning itself for continued success in the years to come. By making tough but necessary decisions, Paystack is demonstrating its resilience and determination to remain a leader in the African fintech space.
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