Tomo the purchase-mortgage firm is putting a stop to its plans of expansion and is going through staff cuts across its departments. As per the company’s announcement, it is letting go 44 Employees of its rough total of 150 employees ie.. 30% of its workforce.
Tomo is a fintech startup focused on the home buying experience, initially operating as a digital mortgage and transaction company.
This layoff for the mortgage-backed companies is something that we are seeing on the rise with the hike in mortgage interest rates and less desire for refinances and mortgages. Tomo came into the VC scene last year with a $40 mn Series A which followed after the initial Seed injection of $70mn – which was seen as one of the largest funds raised for a prop tech company.
For the latest layoff news and layoff dashboard visit – Layoffstracker.com