TrueLayer reportedly reduces headcount by around 25% to cut costs in push for profitability
TrueLayer, a London-headquartered open banking payments company, reportedly laid off around a quarter of its workforce at the end of September in an effort to lower operational costs as it looks to achieve profitability, according to a report by City AM citing sources familiar with the matter.
TrueLayer reportedly cut 71 jobs at the end of September
City AM reports that TrueLayer eliminated 71 positions, with its sources saying that those impacted left the company on the same day.
The staff cuts reportedly came just a week before the company announced a $50 million extension to its $130 million Series E funding round, initially completed in 2021.
Announcing the fundraise in a LinkedIn post last month, Francesco Simoneschi, TrueLayer’s CEO and founder, wrote that separately from the funding, the firm had taken “important steps to chart our path toward profitability”, including “streamlining operational costs and a reduction in headcount”.
“Any decision that affects our people is always really tough, and I’m grateful to my team for their help and support during this time of change,” Simoneschi added.
Founded in 2016, TrueLayer handles $50 billion in payments and 150 million transactions annually, recently reaching a milestone of one million monthly variable recurring payments, claiming to be the first company in the world to achieve this feat.
A TrueLayer spokesperson tells FinTech Futures: “As announced on October 4, TrueLayer raised another $50 million from investors in yet another vote of confidence in our company.
“At the same time, we also announced important steps to chart our path toward profitability – including streamlining operational costs and a reduction in headcount which took place in September.
“We have built a payment network that is used by millions of people every day with some of the largest merchants in the world, such as Just Eat, Lastminute.com and more.”
