Today, the fintech giant Paystack announced a significant restructuring, necessitating the reduction of its workforce in Europe and the UAE. Shola Akinlade, co-founder and CEO, conveyed this decision in a heartfelt statement released earlier.
The company revealed plans to part ways with up to 33 employees from its operations in Europe and the United Arab Emirates. This strategic move comes as a shift in the operational focus to prioritize local talent and proximity to their served markets.
In the past three years, Paystack has upheld an inclusive hiring strategy, sourcing talent globally and even establishing an engineering hub in Dubai. However, according to Shola, the evolving landscape has prompted a shift in the operational model, emphasising the proximity of team members to the markets they serve.
“We’re changing our operating model to prioritize locating team members within the markets we serve, to localize costs and get closer to customers,” stated Shola Akinlade, highlighting the rationale behind this transition.
The company says it is committed to minimising the impact of this restructuring on affected employees. Consequently, 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.
Expressing admiration for the departing employees, Akinlade underscored their exceptional talent and commitment. “These are some of the most talented people I’ve ever worked with,” he expressed, emphasising 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.
To facilitate the transition of the affected workforce, Paystack invited companies seeking exceptional talent to express their interest in potential hires through a dedicated channel provided by the company.
What you should know about Paystack
Established in 2015, Paystack has rapidly grown to become one of Africa’s leading payment processing platforms, providing innovative solutions and services to businesses across the continent.
Recently. the company extended its services to businesses in Kenya marking an exciting milestone for the rapidly growing fintech company.
Paystack, known for its relentless focus on providing tailored payment solutions, has steadily expanded its operations in Ghana, Nigeria, Kenya, and South Africa. With a team of 250 individuals, dubbed ‘Stacks,’ the company has established itself as a pivotal player in Africa’s tech landscape.
“Our mission revolves around building a growth engine for modern businesses across the continent,” highlighted Akinlade.
The company’s expansion beyond Africa in the past few years reflects its ambition for global reach, a journey marked by achievements and strategic decisions to refine its operational approach. However, the recent cut in staff strength may signify that the company maybe halting its expansion moves which might not be far0fetchd from the dwindling economic situations globally.
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.