33 employees at PayStack, the $200 million Nigerian fintech that Stripe purchased in 2020, are reportedly being let go throughout Europe and the United Arab Emirates (UAE).

In a tweet, Paystack CEO Shola Akinlade acknowledged the layoffs, saying that 33 staff in Europe and the UAE have been let go as a result of the company’s choice to scale back activities outside of Africa.

Paystack facilitates international online and mobile payment acceptance for businesses, allowing credit card, debit card, and direct bank transfer transactions. The technology easily links several multi-channel payment methods with national retailers.

Following its acquisition by the American fintech company Stripe, Paystack increased its global reach by opening operations in:

Accra, Ghana
Cape Town, South Africa
Dubai, UAE
Nairobi, Kenya

The establishment of an engineering hub in Dubai and the hiring of personnel in Europe through remote operations supplemented this expansion.

Paystack employs 27 people in the United Arab Emirates, 25 in the United Kingdom, and seven more people who live in European Union nations including Germany, Portugal, and France, according to LinkedIn data.

In November 2022, Stripe, the parent company of Paystack, laid off 14% of its employees. The large American payment company then further lowered its workforce in June 2023, according to The Information.

The corporation, which has been working to expand its operations throughout Africa, and which now has operations in Nigeria, Ghana, South Africa, and Kenya, appears to plan to give these regions priority when it comes to hiring.

“To localize costs and get closer to customers, we’re changing our operating model to prioritize locating team members within the markets we serve,” Akinlade stated.

PayStack’s payment solution is utilized by hundreds of consumers. Among PayStacks’ clientele are:

MTN
BOLT
Carbon
BuyCoins
PiggyVest
Cowrywise
NairaBet
Branch
RelianceHMO

among others.