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a16z-backed fintech Synapse lays off 40% of its staff

TechCrunch · 1y ago

a16z-backed fintech Synapse lays off 40% of its staff

Banking-as-a-service startup Synapse has laid off 86 employees, constituting around 40% of its workforce. The San Francisco-based company, which provides a platform for banks and fintech companies to develop financial services, confirmed the layoffs in an email statement. Synapse had previously announced a smaller round of layoffs in June, citing the impact of macroeconomic conditions on its clients and platforms. The company's latest layoff news follows reports suggesting that one of its major clients, Mercury, plans to move to Evolve and terminate their contract with Synapse. Synapse has previously raised around $50 million in venture capital funding.

Related News

Ecommerce and fintech firm Bolt lays off 29% of staff

Economic Times

Economic Times · 1y ago

Ecommerce and fintech firm Bolt lays off 29% of staff

Bolt, a US-based e-commerce and fintech company, has laid off 29% of its staff as part of its effort to achieve sustainable growth and efficiency. This comes after a series of previous layoffs since 2022. The company has raised $1 billion in venture-backed capital and was once valued at $11 billion. Similarly, music streaming giant Spotify announced a layoff of 17% of its workforce, affecting over 1,500 employees. Both companies cite the need to optimize operations and navigate economic challenges as reasons for the layoffs.

Zopper lays off 100 employees amid cost-cutting measures

Inshorts · 3m ago

Zopper lays off 100 employees amid cost-cutting measures

An insurance-focused SaaS startup, Zopper, has laid off approximately 100 employees in 2025. The latest round occurred in April, affecting around 50 members of the tech and product teams. Earlier this year, the company also dismissed 20 employees from these teams and its entire 40-person insurance staff. The layoffs are reportedly part of ongoing cost-cutting measures.

AI fraud detection software maker Inscribe.ai lays off 40% of staff

TechCrunch · 1y ago

AI fraud detection software maker Inscribe.ai lays off 40% of staff

Inscribe, an AI-powered fraud detection software provider, has laid off approximately 40% of its staff due to missing revenue goals for over a year. The San Francisco-based startup confirmed the headcount reduction, stating that advancements in AI in the financial services industry led to a pivot in the company's product strategy. Inscribe aims to align with industry shifts and plans to launch a new product later this year. The company had previously raised $38 million in funding and expected to double its workforce in the next 12 to 18 months.

Open source Arm competitor SiFive lays off 20% of staff

Economic Times

Economic Times · 1y ago

Open source Arm competitor SiFive lays off 20% of staff

Open-source Arm competitor SiFive lays off 20% of staff. SiFive, a startup that designs and manufactures chips based on the open-source RISC-V architecture, has laid off 20% of its employees amid uncertain market conditions. The company, which has raised more than $190 million in funding, cited macroeconomic factors and market volatility as reasons for the layoffs. SiFive's RISC-V processors are used in a variety of applications, including artificial intelligence and autonomous vehicles.

Lightspeed-backed Frontrow shuts operations

Money Control

Money Control · 2y ago

Lightspeed-backed Frontrow shuts operations

FrontRow, a startup backed by Lightspeed, has made the decision to shut down its operations. The reason for the closure has not been disclosed. FrontRow offered online learning courses in the fields of music, arts, and sports. The shutdown comes as a surprise and indicates the challenges faced by startups in the competitive edtech industry. This came months after the company laid off 75 percent of its staff and said it would “start from scratch.” After two rounds of layoffs in May and October 2021, the company was left with about 35-40 employees.

Jack Dorsey's fintech firm Block lays off nearly 1,000 employees

Economic Times

Economic Times · 1y ago

Jack Dorsey's fintech firm Block lays off nearly 1,000 employees

According to a report, Jack Dorsey's fintech firm, Block, has let go of almost 1,000 employees in a significant downsizing move. The downsizing effort is said to be a result of the company's plans to pivot away from its original cryptocurrency business and focus on building a decentralization platform. Block's decision to lay off employees signals a shift in its strategic direction and reflects the evolving landscape of the fintech industry.

Dukaan lays off 90% staff for AI bot, attributes decision to focus on profitability

Economic Times

Economic Times · 2y ago

Dukaan lays off 90% staff for AI bot, attributes decision to focus on profitability

Dukaan, a startup, has laid off 90% of its support staff following the implementation of an AI chatbot for customer inquiries. The decision is driven by the company's focus on profitability, as stated by CEO Suumit Shah. While the introduction of the AI bot has improved resolution times, it has also led to staff reductions, a move aimed at optimizing operations. Attributing the decision to prioritising profitability, he said customer support costs reduced by 85 per cent while resolution time went down from over two hours to three minutes.

Bootstrapped Chennai-based SaaS firm Kissflow lays off 45-50 employees

Money Control

Money Control · 1y ago

Bootstrapped Chennai-based SaaS firm Kissflow lays off 45-50 employees

Chennai-based SaaS firm Kissflow has laid off 15% of its workforce, affecting around 45-50 employees across sales, marketing, and product development. The layoffs resulted from shifting product strategies and annual performance reviews. Before the cuts, the firm employed over 400 people, with affected staff in India, the US, and the UAE. Kissflow offers cloud-based no-code and low-code work management products.

Business Insider lays off 21 percent of staff to “endure extreme traffic drops.”

The Verge

The Verge · 2m ago

Business Insider lays off 21 percent of staff to “endure extreme traffic drops.”

Business Insider has laid off 21% of its staff due to significant traffic declines. CEO Barbara Peng announced the company is scaling back on categories that once thrived and mostly exiting its search-reliant Commerce business. The move comes amid acknowledgment of "Google Zero" impacts. Despite setbacks, Business Insider is focusing on artificial intelligence innovations, including Enterprise ChatGPT, AI site search, and an AI paywall to adapt and grow its business model.

GPU tech supplier Imagination Technologies lays off 20% of staff

Economic Times

Economic Times · 1y ago

GPU tech supplier Imagination Technologies lays off 20% of staff

Imagination Technologies, a chip technology design maker, plans to lay off 20% of its staff due to a challenging business environment over the last 18 months. The U.K.-based company, which supplies chip technology to Apple, cites the need to adapt to the evolving market. Imagination's technology competes with Arm Holdings. The company, owned by private equity firm Canyon Bridge, reported a profit before tax of £17 million ($20.9 million) on revenue of £120.3 million for the last year.

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