Wave lays off 15% of its 2,000+ employees

In the past month, Wave, an African fintech company that provides mobile money services in Senegal and the Ivory Coast, lay off around 15% of its staff.

According to TechCrunch, about 15% of the company’s approximately 2,000 employees were let go. As a result, about 300 employees were laid off, the majority of whom were employed by Wave in its new markets, Burkina Faso, Mali, and Uganda.

In a statement given to its staff on June 30, Wave stated it was reducing the size of its teams in these areas in an effort to avoid needing further capital at a time “when investors around the world are cutting back.”

Wave claimed that by leaving newer areas, it will be able to focus more on its main markets of Senegal and the Ivory Coast “where we are market leaders in mobile money with growing businesses,” as it continues to serve its new markets.

The company, led by Drew Durbin and Lincoln Quirk, raised $200 million in its most recent fundraising round in September, the largest Series A in Africa, and was valued at $1.7 billion. Stripe, Sequoia Heritage, Founders Fund, and Ribbit Capital were in charge of it. Sam Altman and Partech Africa are a couple of the startup’s additional backers.

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