TrueLayer to cut headcount by 10%

The open-banking startup TrueLayer will cut staff by 10%, according to the blog.

According to LinkedIn, TrueLayer employs 443 people. About 45 employees face layoffs.

The headcount optimization was announced at a general meeting on 15 September. Later a letter from co-founder and CEO Francesco Simoneschi was posted on the blog, ‘to ensure transparency for partners, clients and the general public’.

“As we focus on the path to profitability, monetisation and sustainable growth, I am obliged to give the company as much time as possible to implement our strategy in the changed economic environment,” he emphasised.

The startup offers a suite of API that enables interbank transfers, bypassing payment networks. Crypto projects use this solution to interact seamlessly with customers.

The startup will offer laid-off employees a severance package with pension contributions paid over three months and extended access to health insurance.

“As we made this difficult decision, we were guided by two key principles: doing what is right for TrueLayer’s long-term success, and treating our employees fairly, with gratitude and respect,” noted Francesco Simoneschi.

In April 2021 the project raised $70 million from Addition and others. In September — $130 million from Tiger Global and Stripe. TrueLayer’s valuation reached $1 billion.

Earlier, the headcount optimization was also announced at BitMEX, Robinhood, Gemini, Bitso and the parent company of the Brazilian bitcoin exchange Mercado Bitcoin.

Coinbase will cut staff by about 18%, and the crypto-lending platform BlockFi — by 20%.

In June, Crypto.com CEO Kris Marsalek said he planned to lay off around 260 employees.

As reported, Bybit and Huobi are set to cut staff by 30% each, according to media reports.

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