Fintech Layoffs Pile Up

| By:


red ink2022 has been a rough year for many fintech employees. The year started out with just a few layoffs but had an exponential increase totaling in at 219,959 layoffs from 1,405 tech companies.

Financial services company Plaid, for example, recently announced plans to lay off 20% of employees, which is about 260 staff members.

“Today, I’m announcing the most difficult change we have had to make at Plaid to date,” wrote Plaid CEO Zachary Perret in a Dec. 7th website post. “I made the hard decision to reduce the size of our team, and in doing so, to say goodbye to approximately 260 talented Plaids.”

Perret alluded to over-hiring as a result of the surge in business during covid. They are not alone. Companies including Klarna, Coinbase, Kabbage, and Amazon have laid off substantial amounts of staff. January started off low with 631 employee layoffs and that later increased to over 6,000 in February. November tallied 59,785 layoffs, weighing in with the highest number of employees laid off compared to any other month this year.

Last modified: December 9, 2022
Anaya VanceAnaya Vance is a reporter for deBanked. Connect with me on LinkedIn.


Category: Economy

Home Economy › Fintech Layoffs Pile Up


    Hunter Caroline

    BCCUSA

    Unique Funding Solutions

    ROK Financial

    Legend Funding

    CFG Merchant Solutions

    Highland Hill Capital

    Fenix Capital Funding

    Meridian Leads

    Bitty Advance

    Global Funding Experts

    Merchant Financing Leads

    Dedicated Financial GBC

    Total Merchant Resources

    CapFront

    Wynwood Capital Group

    Cashyew

    Vox Funding

    Amerifi Capital

    Symplifi Capital

    The Smarter Merchant

    VitalCap

    ByzFunder

    Main Street Finance Group

    Velocity Capital Group

    Torro

    Liquidibee