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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.
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.
STORY CONTINUES BELOW
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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.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
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