Greenlight, kids-focused fintech startup, lays off 104 staff to optimize bills • TechCrunch | Technoscoob

Greenlight, a fintech startup providing debit playing cards to youngsters, has laid off 104 staff — or over 21% of its whole headcount of 485 staff — to “higher align with ongoing working bills” amid the financial slowdown.

TechCrunch discovered in regards to the layoff that was introduced to its staff earlier this week. The startup later confirmed the event over an electronic mail.

“The macroeconomic setting has impacted just about all companies, together with Greenlight. We just lately made the tough resolution to raised align our ongoing working bills with the present setting,” a Greenlight spokesperson stated in an announcement emailed to TechCrunch.

The spokesperson stated the impacted staff would obtain severance, prolonged medical protection, and profession transition assist. The startup introduced the choice on Tuesday and now has a workforce of 381 staff.

“The corporate stays dedicated to its mission to assist dad and mom increase financially-smart youngsters. Transferring into 2023, Greenlight might be targeted on persevering with to serve its rising buyer base and discovering new, impactful methods to enhance monetary literacy for households,” the spokesperson stated.

Greenlight provides youngsters a debit card, banking app and monetary training to make them financially good and unbiased. Group Federal Financial savings Financial institution points the Greenlight debit card.

In December, the Atlanta-headquartered startup launched a web-based monetary literacy library aligned with the Ok-12 nationwide requirements that might be free to colleges, academics and college students. It additionally in October added household security options to its subscription plan referred to as Greenlight Infinity which is priced at $14.98 per thirty days for the entire household.

In keeping with the information accessible on Crunchbase, Greenlight has raised about $556.5 million in whole since its inception in 2014. The funding included the $260 million Sequence D spherical that was introduced in 2021 at a valuation of $2.3 billion.

Greenlight has emerged as one of many newest startups shedding its employees throughout this difficult time. In the previous few days, startups akin to Profession Karma, Carta and Coinbase let their tens and a whole bunch of staff go to cut back bills. Massive tech firms together with Amazon and Salesforce have additionally laid off hundreds of employees this month because the economic system continues to wrestle. Moreover, the rising financial slowdown has impacted outstanding fintech startups together with Stripe, which laid off 14% of its workforce in November. The startup additionally reduce its inside valuation but once more to $63 billion, TechCrunch reported earlier on Thursday.

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