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Fintech Startup TrueLayer Trimming 10% of Staff, Citing Challenging Market Conditions
About 45 employees will be laid off from the firm, which was valued at over $1 billion a year ago.
Updated May 11, 2023, 4:21 p.m. Published Sep 16, 2022, 11:51 a.m.
Citing "challenging market conditions," London-based open banking startup TrueLayer has announced it will lay off 10% of its workforce. According to LinkedIn, TrueLayer has 443 employees, meaning about 45 workers will be affected.
The company informed its staff of the news in an all-hands meeting on Thursday before announcing it to the public in a blog post on Friday.
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TrueLayer is a business designed to bridge the gap between fiat currencies and crypto by providing infrastructure to firms like Revolut, which offers banking services, and MoonPay, a platform that allows users to buy and sell cryptocurrencies.
Last September, TrueLayer raised $130 million in a funding round led by Tiger Global and Stripe at a valuation of over $1 billion.
"You may understandably ask what has changed in the past 12 months," TrueLayer CEO Francesco Simoneschi said in the blog post. "We are now operating in a very different context and more challenging market conditions. TrueLayer, while being in a position of strength, is not immune to these broader factors."
The layoffs continue a trend across the crypto industry during this prolonged bear market, with TrueLayer joining NFT (non-fungible token) marketplace OpenSea, exchanges Coinbase, Blockchain.com and Gemini and many others in making sizable staffing cuts.
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