Fintechs Pleo, Chime and Chargebee cut jobs as economic uncertainty bites
B2B spend management platform Pleo, neobank Chime and subscription management platform Chargebee are the latest fintechs to announce layoffs as a result of the ongoing global economic uncertainty.
Pleo CEO and co-founder Jeppe Rindom told staff that 15% of its workforce, 150 employees, will be affected by the layoffs as the company is no longer operating under a “growth first mandate” but rather one of “growth through focus and efficiency”.
During its period of “hyper-growth”, Rindom says, Pleo was launching in one new country and onboarding more than 100 workers a month.
“Yet the world has changed, and our next chapter will look different,” Rindom adds.
Meanwhile, Reuters reports that digital bank Chime has laid off 12% of its 1,300-strong workforce, approximately 150 people, citing “current market dynamics”.
Chargebee, which provides a platform to “power, capture and understand revenue” in real time, has laid off 10% of its staff – 142 employees – as it looks to restructure in the face of global economic challenges and growing operational debt, TechCrunch reports.
The three firms join an ever-increasing list of fintechs hit by the current economic volatility and uncertainty.
Fintech darling Stripe is cutting 1,100 jobs while Brex and MX announced layoffs last month, joining Indonesian fintech Xendit, BNPL giant Klarna, African challenger Kuda and Aussie crypto exchange Swyftx, among others.