FinTech news in layoff category

The firm received a vote of confidence from auditing firm Mazars, which said Crypto.com users’ crypto assets were fully backed one-to-one. The firm received some criticism for its cringey/overly enthusiastic Matt Damon ad; accidentally sent an Australian customer more than $10 million in a snafu, and grappled with industry concerns over its financial health performance. This is the second major layoff at the Singapore-headquartered Crypto.com, which cut 250 jobs in mid-last year — though a report suggested that more than 2,000 people were either let go or left at their own will. As with firms in other industries, crypto companies are aggressively undertaking major decisions to survive the downturn in the broader market, which has reversed much of the gains from the 13-year bull run.

The company numbers are small compared to other layoffs that have taken place within Africa’s tech ecosystem over the past few months, especially among startups that have raised vast sums of venture capital within the last year or two; for instance, Swvl laid off 400; Wave, approximately 300; 54gene, 95; and Vezeeta, 50. Meanwhile, it was just last August that the digital bank, which provides zero to minimal fees on cards, account maintenance and transfers and is one of Africa’s soonicorns, raised $55 million — money that it planned to use to not only double down on new services for Nigeria but also to prepare its launch into more countries on the continent like Ghana and Uganda — in a Series B round that saw it valued at $500 million. As Kuda positions itself for pan-African and international expansion amidst an uncertain venture capital environment, it depicts the recent cut in its workforce as part of strategic steps for sustainable growth. When Kuda held a town hall meeting last month, cutting down seemingly redundant roles and dismissing nonperforming staff to reduce costs and extending runway were topics of conversation in light of current macroeconomic trends, according to sources.

Stripe has laid off some of the employees that support TaxJar, a tax compliance startup that it acquired last year. In July, Stripe went through a 409A valuation process that saw its internal valuation cut by 28%. Stripe’s new and lower internal valuation, explained Fintech hasn’t been immune from the downturn – for evidence, you need to look no further than the stock prices of Block (formerly Square) PayPal, Robinhood and Affirm.

The company rebooted ODF, which helps founders scale their startups through IRL and virtual programming, as well as On Deck Scale, a program for founders behind high-growth businesses to understand how to become better leaders. On Deck, a tech company that connects founders to each other, capital and advice, has conducted another round of layoffs just three months after laying off a quarter of its staff. On Deck, not to be confused with small business lender OnDeck, is a company that provides capital and network support for emerging fund managers and founders. In a message to community members that was obtained by journalist, Booth said the company would issue refunds for current On Deck Climate Tech participants.

In response to the allegations and reports, Kuruvilla then said that Bolt has seen a 131% year over year increase in shopper accounts and a 192% year over year increase in total active merchant accounts. One-click checkout startup Bolt has laid off at least 100 employees, and counting, across go-to-market, sales and recruiting roles.

PayPal layoffs, while just now coming to the surface, were conducted around a week before the fintech confirmed that it was shuttering its San Francisco office. PayPal, which has over 30,000 employees, told staff during a recent all-hands meeting that there will be no mass layoffs, sources say.

Robinhood to let users lend out their shares in its attempt to diversify revenue On Deck cuts 25% of staff, scales back accelerator On Deck, a tech company that connects founders, laid off about 72 people this week, which amounts to about 25% of staff Over the past week, we’ve witnessed an alarming amount of layoffs across the startup ecosystem, from buzzy, big names like Cameo, On Deck and Robinhood, to B2B platforms like Workrise and Thrasio. Amazon aggregator Thrasio begins layoffs, names new CEO Thrasio’s business model is to buy up and consolidate third-party Amazon sellers, but apparently, that strategy is rife with ups and downs.

MainStreet, a startup that helps other startups uncover tax credits that was valued at $500 million last year, has laid off about 30% of its staff, according to a tweet from CEO Doug Ludlow.

On Deck, a tech company that connects founders to each other, capital and advice, has laid off 25% off its staff, per sources familiar with the company. On Deck, not to be confused with small business lender OnDeck, is a company that provides capital and network support for emerging fund managers and founders.