UPDATE GIGS MEDIAUPDATE GIGS MEDIA
  • Home
  • Entertainment
  • Business & Finance
  • Education
    • Scholarships
  • Lifestyle
    • Health & Fitness
    • Travel
    • Dating & Relationships
    • Do it yourself
  • Tech
  • Privacy Policy
Facebook Twitter Instagram
Facebook Twitter Instagram
UPDATE GIGS MEDIAUPDATE GIGS MEDIA
CONTACT US
  • Home
  • Entertainment
  • Business & Finance
  • Education
    • Scholarships
  • Lifestyle
    • Health & Fitness
    • Travel
    • Dating & Relationships
    • Do it yourself
  • Tech
  • Privacy Policy
UPDATE GIGS MEDIAUPDATE GIGS MEDIA
Home » OnePipe lays off employees as leadership team takes salary cuts
Tech

OnePipe lays off employees as leadership team takes salary cuts

adminBy adminMarch 17, 2023No Comments3 Mins Read
Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit Email
Onepipe.png
Share
Facebook Twitter LinkedIn Pinterest Email


OnePipe, the embedded finance startup that lets organisations integrate financial services, has laid off at least ten employees, people close to the situation told TechCabal. On LinkedIn, OnePipe lists 48 employees, which suggests the team is now down to 38 people. The employees who were fired will receive two months of severance pay per the terms of their contract; the company will also slash salaries for its leadership team. Ope Adeoye, the company’s CEO, confirmed the layoffs in an email to TechCabal but did not confirm the number of employees who were fired. 

According to Adeoye, the layoffs were caused by macroeconomic factors. Part of his email said, “Sadly, we are also not immune to the broad industry dynamics and had to say goodbye to a handful of our colleagues yesterday. We are still reeling from the effects, I am sure you can imagine how devastating that can be for any founder or manager. The leadership team and I took a pay cut, not other members of the remaining team.” 

OnePipe was one of the African startups that held deposits in Silicon Valley Bank, and one source said the company had $829,000 in the bank. While the regulators’ decision to protect depositors ensured it would not lose money, sources said the situation prompted more urgency within the company. Adeoye said the company will now focus on specific initiatives and “cut back several experimental projects.”

Advertisements

Per a TechCrunch article announcing OnePipe’s $3.5 million fundraise, “OnePipe’s original game plan was to create an API gateway that connected banks and fintechs under a uniform standard, a move that would allow the company to perform core open banking. But founder and CEO Ope Adeoye (self-described as the company’s chief plumber), on a call with TechCrunch, said upon continuous integration with these financial institutions, it became clear the company needed to pivot since it wasn’t generating many demand cycles.”

Advertisements

Sources close to the situation say that OnePipe will focus on growing its revenues. The company’s inventory finance proposition, built on its core APIs, is one of its fastest-growing products. It has now gotten a credit line from TLG to fund inventory finance for small shops. Beyond this, the company will seek to secure another round of equity financing to extend its runway. 

Today’s layoffs mark the continuation of a challenging year for tech workers globally. This week, Meta disclosed that it would lay off 10,000 workers this year, and on the African continent, there have been several layoffs in the first quarter of the year. Despite a challenging first quarter, all the signs point to the fact that the second quarter will also see more layoffs. 

Get the best African tech newsletters in your inbox

More latest updates

  • 👨🏿‍🚀TechCabal Daily – Content moderators sue Meta in Kenya
    👨🏿‍🚀TechCabal Daily – Content moderators sue Meta in Kenya
    by admin●March 23, 2023
  • 🚀Entering Tech #24: Breaking down software engineering
    🚀Entering Tech #24: Breaking down software engineering
    by admin●March 22, 2023
  • How WomHub wants to facilitate female entrepreneurship in Cape Town
    How WomHub wants to facilitate female entrepreneurship in Cape Town
    by admin●March 22, 2023
  • Factor[e] launches $600,000 venture studio for Africa
    Factor[e] launches $600,000 venture studio for Africa
    by admin●March 22, 2023

Share this:

  • Tweet
Advertisements

Advertisements

Related

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
admin
  • Website

Related Posts

Naira redesign: A torturous vanity project comes to an end

March 28, 2023

A ‘Facebook rapist’ faked his own death and escaped from prison in South Africa

March 28, 2023

Nigeria’s CBN bows to industry demand to keep Open Banking, open

March 28, 2023

Interview with Rudy Yaone, marketing manager at Silikin Village

March 28, 2023

A decade later, TechCabal’s roots in African tech are stronger than ever

March 28, 2023

👨🏿‍🚀TechCabal Daily – A $50 million pan-African fund

March 28, 2023
Stay In Touch
  • Facebook
  • Twitter
  • Instagram
  • YouTube
Don't Miss
Tech

Has NFT found its biggest mainstream proponent yet in Africa?

By adminApril 13, 2022

The past few days have been good for NFT in Africa—Nigeria and Ghana, to be…

Share this:

  • Tweet

👨🏿‍🚀 TechCabal Daily – MTN is accelerating mobile money in Nigeria

April 13, 2022

Didi shuts down operations in South Africa

April 13, 2022

Back from the future: How embedded finance changed the world

April 13, 2022

Can Hytch succeed where GoMyWay failed?

April 13, 2022

More African central banks are considering digital currencies

April 13, 2022

This bootstrapped drone startup is promoting smart farming in Zimbabwe

April 13, 2022

The Next Wave: Africa does not know itself

April 13, 2022

TechCabal Daily – Kenya’s new law for content creators

April 14, 2022

INDUSTRY EXPERTS DISCUSS THE GROWTH AND FUTURE OF FINTECH IN NIGERIA AND INDIA IN SYMPOSIUM BY CLI COLLEGE, NIGERIA AND CHRIST UNIVERSITY, INDIA

April 14, 2022

28 days after launching investment arm, Luno crosses 10m user base

April 14, 2022

👨🏿‍🚀 TechCabal Daily – The war for Twitter

April 15, 2022

Digital Nomads: Julian Owusu’s journey from football to fintech

April 15, 2022

In the wake of explosive accusations against Africa’s most valuable startup, Flutterwave co-founder speaks

April 16, 2022
Advertise with us
update gigs advert images
LATEST

Naira redesign: A torturous vanity project comes to an end

March 28, 2023

A ‘Facebook rapist’ faked his own death and escaped from prison in South Africa

March 28, 2023

Nigeria’s CBN bows to industry demand to keep Open Banking, open

March 28, 2023
About Us
About Us

We are dedicated to bringing you news from around the world that is entertaining, educative, informative and self inspiring.. Your source for the lifestyle news.

We're accepting new partnerships right now.

Email Us: updatemedia050@gmail.com

Subscribe to Updates

Get the latest news from Update Gigs Media about entertainment, sports, lifestyle, art, design and business.

Facebook Twitter Instagram
© 2023 Designed by Ntechy Digital System.

Type above and press Enter to search. Press Esc to cancel.