Exclusive: YC-backed Cowrywise insists recent employee terminations were linked to performance reviews
- Cowrywise has laid off five employees across marketing, engineering, and customer success teams.
- The company claims the terminations were part of an annual performance review and not layoffs.
- Cowrywise recently raised $3 million in funding and obtained a license to operate as a fund manager.
The layoffs at Cowrywise appear to be a result of the company's internal restructuring and evolving business needs. While the company denies that the terminations were layoffs, the decision to pay affected employees three months' salaries instead of one month's salary suggests a recognition of their performance. Cowrywise's recent fundraising success and acquisition of a fund manager license indicate its growth and potential in the Nigerian fintech market.
