OnePipe, the integrated finance firm that enables businesses to integrate financial services, has let go of at least ten staff members. It advertises 48 employees on LinkedIn, indicating that just 38 people are still on the team.
According to their contracts, the terminated employees will receive two months of severance pay, and the corporation will also reduce the income of its executive team.
In an email to TechCabal, the CEO of the business, Ope Adeoye, confirmed the layoffs but did not specify how many people were let go.
The CEO Discusses the Reasons Behind and Impact of Layoffs
Adeoye claims that macroeconomic issues were to blame for the layoffs. “Unfortunately, we are also not immune to the wider industry trends and had to say goodbye to a few of our colleagues yesterday,” he said in part of the email. “You may probably imagine how damaging that can be for any founder or manager because we are currently feeling the impacts.” He added.
Speaking further, he said the members of the leadership team have also received a wage reduction from the rest of the team.
Furthermore On OnePipe’s investment And achievement:
One source stated that OnePipe has $829,000 in the bank and was one of the African businesses with deposits at Silicon Valley Bank
OnePipe was a Silicon Valley Bank depositor and one of the African startups with $829,000 in the bank, according to Techcabal’s source. Although sources claim the situation increased urgency within the company, the regulators’ choice to protect depositors ensured it would not lose money. The business, according to Adeoye, will now concentrate on specific initiatives and “cut back several experimental projects.
OnePipe’s Initial Objective
OnePipe’s initial game plan was to develop an API gateway that connected banks and fintech under a common standard, a move that would enable the business to carry out basic open banking.
The company’s founder and CEO Ope Adeoye (who described himself as the chief plumber of the organization) said that after continuous integration with these financial institutions, it became evident that the company needed to change direction because it wasn’t producing many demand cycles.
Current Situation and Future:
According to those familiar with the situation, OnePipe will concentrate on increasing its revenue. The company’s inventory finance solution, built on its core APIs, is one of its fastest-growing products.
As of right present, it has a credit line from TLG to pay for inventory financing for small businesses. Beyond that, the business will look to extend its runway by obtaining another round of equity financing.
Conclusion
The layoffs of today continue a difficult year for tech professionals around the world. In addition to other layoffs on the African continent in the first three months of the year, Meta said this week that it will fire 10,000 employees this year. Although the first quarter was difficult, all indications are that the second quarter will again be demanding.
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