FinTech Futures: Top five news stories of the week – 10 January 2025
Our pick of the top fintech news stories this week includes Finastra, Accenture, Solaris and more.
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News, intelligence and resources on the global fintech industry including topics such as job cuts.
Our pick of the top fintech news stories this week includes Finastra, Accenture, Solaris and more.
Ally is also exploring “strategic alternatives” for its credit card business and ending mortgage originations.
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City AM reports that TrueLayer cut 71 jobs in September, citing sources familiar with the matter.
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Banco Santander CEO Hector Grisi previously ordered a group-wide restructuring last year.
CEO Carsten Höltkemeyer says BaaS provider Solaris is “at a pivotal moment”.
Founder Sheena Allen announced on LinkedIn that the start-up “is no longer an active business”.
Tally closed in August, citing insufficient funding as the primary reason for its shutdown.
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Solaris says the move “regrettably will bring redundancies across the EMI team”.
The UK bank is also reportedly set to cut around 300 roles as part of cost-cutting efforts.
Co-founder and CEO Julien Brault writes that the fintech’s operations are now suspended.
IDPartner Systems closes after three years in business.
Our pick of the top fintech news stories this week includes HSBC, Klarna, Mastercard and more.
A Mastercard spokesperson says the majority of the impacted employees will be notified in Q3 2024.
Techstars CEO David Cohen says the firm “overbuilt and over hired to support our ambition to scale”.
Our pick of the top fintech news stories this week includes NCR Voyix, CIBC, Société Générale and more.
The job cuts are expected to produce around $30 million in annualised cost savings.
Intuit plans to hire 1,800 new workers to support the firm’s aim to capitalise on the “AI revolution”.
The cuts, actioned by president and CEO Wellington Holbrook, have resulted in the loss of almost 200 positions.
The cuts are in response to “slower than expected revenue growth”.
Paxos currently claims a balance sheet of $500 million.
Our pick of the top fintech news stories this week includes Starling Bank, Mastercard, Bink and more.
Our pick of the top fintech news stories this week includes Visa, Monzo, JP Morgan Payments, Funding Circle and more.
Oliver White, Funding Circle’s CFO, has also announced his intention to step down from his role.
Synapse previously filed for Chapter 11 voluntary bankruptcy and laid off over 50% of its workforce last year.
Due to impact 12% of its total workforce, the proposed job cuts will take effect from 7 May.
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The pivot comes a year after the firm completed a $40 million Series C fundraising round.
Our pick of the top fintech news stories this week includes Capital One, Toast, Xalts and more.
The fintech says the restructuring plan is intended to “promote overall operating expense efficiency”.
Our pick of the top fintech news stories this week includes Worldline, Deutsche Bank, Barclays and more.
The cuts are expected to result in the termination of around 1,400 positions.
The French banking group says it will action the cuts “without forced departures”.
The German investment bank says the cuts will mainly apply to “non-client-facing areas”.
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Our pick of the top fintech news stories this week includes Lloyds, HSBC, PayPal, Santander and more.
The cuts are to be actioned with immediate effect, according to a staff memo from Dorsey.
PayPal president and CEO Alex Chriss says the cuts aim to “reduce complexity and duplication”.