Africa: Wave, a Stripe-Backed African Fintech Valued At $1.7 Billion, Cut 15 Percent of Its Staff in June

13 July 2022
TechCrunch (San Francisco)
By Tage Kene-Okafor

Wave, an African fintech that offers mobile money services in Senegal and Ivory Coast, laid off about 15% of its workforce last month. TechCrunch first got a whiff of the layoff news on LinkedIn, where Jessica Chervin, a former Andela executive who joined Wave as an expansion lead in March, wrote that she was leaving the company.

"Like many tech companies, Wave is adjusting rapidly to the jarring changes in capital markets in recent months and like the best of them (and importantly, as a financial institution), it has had to make very hard calls in order to ensure that it can continue to serve customers in existing markets now and long into the future," Chervin, who is also angel investor, wrote. "This vital shift in strategic priorities means that I and many others are leaving Wave far earlier than anyone had hoped."

Read the full story on TechCrunch.

Tagged:
Copyright © 2022 TechCrunch. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.