PhonePe Shuts Down US Engineering Office
Fintech company PhonePe has reportedly closed its US engineering office, disbanding a four-year-old team. The decision was reportedly made due to insufficient results from the operation.
Fintech major PhonePe has reportedly shut down its US engineering office, winding down a team that had been in operation for four years. Sources told Times of India that the Bay Area team consisted of seven to eight engineers who worked with PhonePe's main mobile platform and engineering teams in India.
The decision to close the US office was reportedly taken after PhonePe concluded that the operation was not producing sufficient results to justify its continuation. Consolidating the work was also cited as a way to cut costs.
PhonePe had initially announced the US office in June 2022, stating that the unit would initially employ around 10 engineers. The team was tasked with building technology to support the company’s next 300 million users.
This shutdown does not necessarily indicate a broader retreat from international expansion. Earlier this week, PhonePe's CEO reportedly stated the company received its first international license from the Central Bank of the UAE, which will allow it to acquire merchants and offer foreign-exchange services in the UAE.