Branch Reduces Workforce Amidst Financial Success
San Francisco-based fintech company Branch International has confirmed layoffs in both Kenya and Nigeria, despite reporting a profitable year. The cuts affect an undisclosed number of employees across these markets, according to internal communications seen by TechCabal.
The decision comes as many African fintech startups prioritize profitability over aggressive expansion, even with improved funding conditions. Branch maintains that its operations in Kenya and Nigeria remain financially strong, with ‘significant cash on hand’ and no debt.
Key Facts:
- Branch reported a global profit of roughly $30 million for the 2025 financial year
- Both Kenya and Nigeria businesses were profitable last year
- Affected employees received immediate termination notices on April 17, 2026
- Severance packages include at least four months’ compensation plus benefits through year-end
- The company has raised over $274 million in funding to date
Branch emphasized that the layoffs were ‘not driven by financial distress’ and are not connected to any current or planned fundraising activities. The company declined to disclose specific employee numbers or impacted teams.