Fintech lender Fundbox is cutting 40 percent of its 348 staffers, around 140 jobs.

Most of the redundancies will be in the US and Israeli offices. 

The San Francisco-based firm seeks to help small businesses in managing cash flow and expenses by offering a revolving line of credit of up to $150,000. 

READ MORE: HOSPITALITY FIRM VACASA LAYS OFF ALMOST 280 EMPLOYEES

Fundbox secured a $100 million investment round in November 2021 at a valuation of $1.1 billion.

This year, the firm announced collaborations with well-known organizations such as Stripe and Visa.

The cutbacks come as delinquencies continue to cut into the bottom lines of other fintech lenders, like UpstartUPST and Affirm.

Downsizing is occurring across a variety of areas in the fintech market.

READ MORE: SNYK TO CUT 14 PERCENT OF THE WORKFORCE IN THE LATEST ROUND OF TECH INDUSTRY LAYOFFS

In recent months, Robinhood, Klarna, and Coinbase have all announced redundancies.

Eyal Shinar, Yuval Ariav, and Tomer Michaeli created Fundbox in 2012.

Shinar was CEO before becoming chairman in 2020.

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Prashant Fuloria has served as CEO since then.

Fundbox boosted its staff by 14 percent in the last year, hiring 44 people.

Former executives from Capital OneCOF, VisaV, and Condé Nast were among the new appointments.

Source: Forbes

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