Stripe-Backed Nigerian Fintech Paystack Cuts Overseas Staff
- Firm trimming 33 workers in Europe and UAE in restructuring
- Aims to focus resources on African markets for expansion
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Paystack, a Nigerian fintech startup and unit of Stripe Inc, is reducing its operations in Europe and the Middle East to expand in Africa, as it seeks to refocus its business.
It’s cutting 33 employees in Europe and the United Arab Emirates, where its engineering hub is located, to enable it “localize costs and get closer to customers,” CEO Shola Akinlade said in a statement posted on X. “We’re changing our operating model to prioritize locating team members within the markets we serve,” he said.