Curve, the ‘all-your-cards-in-one’ fintech banking app, has made 60-70 people redundant, amid mounting fears of a recession.
The company has a headcount of 425 people, according to LinkedIn, meaning the true figure of the layoffs represents a similar to the high percentage of cuts made by Klarna recently.
Curve saw its operating losses jump from £28.5m in 2019 up to £37.9m in 2020, the last figures available for the company, which was founded in 2015 by Shachar Bialick.
“Volatile markets and geopolitical conditions are making their impact felt across our sector. In response to these challenges, we are reviewing the future structure of our organization and where we need to focus resources to ensure the continued future success of the business. As part of this review, the Executive team has made some extremely difficult decisions and it is with deep regret that we have announced we are in discussion with a number of colleagues about their role at Curve, with the aim of putting us in the best possible position for growth in the second half of the year,” Bialick said replying to an email from AltFi.
Fears of a recession are starting to hit venture-backed fintech businesses, with Klarna making 10% of its workers redundant last week following on from similar moves in the grocery delivery space