Paystack lays off employees in Europe, Dubai amid downsizing
African payments company Paystack has undertaken a restructuring initiative that involves scaling back its operations outside of Africa, resulting in a reduction of its workforce in Europe and Dubai. The company has streamlined its operations, particularly in markets where it had previously hired technical roles to support its primary operations within Africa.
As part of this effort, Paystack has decreased its workforce by 33 employees, according to a tweet by co-founder and CEO Shola Akinlade. Following its acquisition by U.S.-based fintech Stripe, Paystack expanded its geographical presence by establishing offices in Accra, Cape Town, Dubai, and Nairobi.
This expansion also involved recruiting staff in Europe through remote operations and setting up an engineering hub in Dubai. Prior to these developments, Paystack already had offices in Lagos and San Francisco.
Paystack presently operates in four markets: Nigeria, Ghana, Kenya, and South Africa. Known for its streamlined operations, the company has undergone moderate staff expansion, leading to several product releases over the past three years. Notable developments include the introduction of a Shopify app, the launch of a terminal device, and the recent addition of a direct debit feature. Paystack has also forged integrations with global software and payment solutions, including notable collaborations with ApplePay. As part of its strategic expansion efforts, Paystack is currently undergoing private beta testing in Ivory Coast, Egypt, and Rwanda. This signifies the company's commitment to extending its services to new markets and further solidifying its position in the African fintech landscape.