Unique: TrueLayer declares job cuts of as much as 10% of employees

Round 40 roles are prone to be impacted after CEO Francesco Simoneschi revealed “difficult market situations” had prompted the choice.

Picture supply: Nadhim Zahawi MP with TrueLayer CEO Francesco Simoneschi.

Open banking supplier TrueLayer has turn into the newest fintech to announce a wave of redundancies, AltFi can solely reveal.

Workers have been knowledgeable yesterday morning in an all-hands assembly hosted by CEO and co-founder Francesco Simoneschi that the choice had been made to scale back TrueLayer’s headcount by 10 per cent.

TrueLayer employs roughly 400 employees throughout its 4 places of work in London, Sydney, Milan and Dublin, so round 40 roles are prone to be dealing with redundancy.

“Following a means of debate and searching intimately on the completely different programs of motion, it’s with nice remorse that we’ve determined to scale back our headcount by 10%,” defined Simoneschi in a company-wide electronic mail straight after the all-hands assembly.

“This isn’t a call which we’ve taken calmly. Neither is it an announcement any CEO or Founder desires to make.”

Simoneschi mentioned the choice was because of the firm “now working in a really completely different context and tougher market situations.” 

“TrueLayer, whereas being ready of energy, is just not immune to those broader elements.”

His electronic mail was this morning printed on TrueLayer’s public weblog “for transparency to our companions, clients and wider TrueLayer neighborhood”.

The CEO went on to thank these employees who could be impacted by yesterday’s resolution, saying that “the long run success of TrueLayer may also be because of the work of the individuals leaving right this moment.”

These employees leaving TrueLayer on account of the redundancy course of might be supplied a further variety of months’ wage based mostly on size of service, three months of employer pension contributions, prolonged entry to medical health insurance, psychological well being help and outplacement help in securing a brand new job.

TrueLayer final raised funding in September 2021 when it closed a $130m funding spherical led by Tiger International, which valued the fintech at over $1bn.

Final month TrueLayer was visited by the then UK Chancellor Nadhim Zahawi who praised the “course of journey” of open banking and later Tweeted that it was “nice to see British innovation in motion”.