EXCLUSIVE: Earnipay cuts workforce amid profitability push
- Earnipay has laid off a portion of its team as part of a strategic shift towards its most profitable segment—business lending.
- The layoffs come after Earnipay raised a $4 million seed round to scale its earned wage access platform across Nigeria.
- The company has expanded its services to include a payroll system, a neobank for salaried workers, and Earnipay Business for SMEs.
The decision by Earnipay to lay off employees reflects a broader trend in the African startup ecosystem where profitability is becoming more critical than growth. This shift may lead to a more sustainable business model in the long run, but it also highlights the challenges faced by startups in securing funding and managing operational costs in a tightening economic climate.
