Branch International Cuts Staff in Africa Amid $30 Million Profit

Visa-backed digital lending startup Branch International is reportedly cutting staff at its Kenyan and Nigerian offices. That’s according to a report Friday (May 22) from Business Insider (BI), which said the layoffs are indicative of a large shift among African FinTechs, with startups focused on profitability, leaner operations and sustainability. According to the report, the company says the layoffs were related to larger operational adjustments and not economic stress or fundraising issues.