Swipii could have been great for everyone involved, it was brought down by the following;
False promises - I believe that everyone understands that promises can sometimes not follow through. However, at Swipii, the level of conviction the founders pitched their false "hooks" was something worthy of the academy awards.
Staff were pitched increases in pay, the ability to take holidays when requested and not "just get past this busy period, we're nearly there!". In addition, share options were pitched from day 1, it took 2 years to materialise and even then, both founders communicated a completely different message to the staff. One of them being grossly wrong, quoting values of tens of thousands rather than thousands.
Lies - When approached multiple times about the pay increases, staff were told it was impossible, we needed to let people go. This is understandable, things change. However, founders then thought it pertinent to give their close friend who was hired 3 months earlier a 5 figure pay rise, while at the same time, making multiple staff redundant.
This same friend, doctored financial reports sent to potential investors, to ensure the company looked as attractive as possible on paper. This was identified by potential investors and funnily enough, Swipii decided not to go for funding due to "unattractive offers". This friend left shortly after.
In addition to this, we were also told to tell potential customers about all the wonderful things Swipii could do for their business, we couldn't do any of these things. That's probably why they have so few customers left.
Anger - Early in my time at Swipii, I often witnessed the CEO kicking the back of peoples chairs to ensure they said the right thing on the phone, this was then met with a quick and thorough session of beratement about how they "were doing it wrong".
Sloth - The one skill I can credit the CEO with, is his ability to use LinkedIn. Despite constant shouting and aggression towards his employees that they needed to "put more time in", he regularly left at 2pm (only when his co-founder wasn't in!) or just sat on LinkedIn all day, ensuring he looked like a "CEO" to the rest of the world. Was also once caught asleep in a meeting room, I do not know how strenuous browsing LinkedIn can be, but I assume it must be utterly exhausting to warrant a quick power nap.
Bullying - More often than not, the founders opted for the "no speaky me angry" style of management. A true testament to the modern management techniques of today. Employees would often be met with no communication or critical feedback if they were not meeting the founders' standards. They would usually find themselves let go after a couple of weeks of solitary confinement.
If they were exceptionally lucky, they would be taken into a room and berated, threatened and then returned to their desk and expect to do it for the "family".
Sexism - I cannot fault Swipii that they now have multiple female managers, congratulations. During my time I was witness to a conversation where the CEO stated "She'll just get pregnant" when asked about a candidate for an open lead position.
Blame - Be prepared when employed at Swipii that any problem encountered with the product or morale will be solely blamed on you as an employee. It's your responsibility to be happy.
Product - Great idea, but not sure how people will handle getting rewarded for their purchases up to 48 hours after your purchase.
Partners - Swipii loves to focus on who the MVP of the hour is, not their employees. It's always about their investors and partners and never about the staff doing the work.
