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News on Medial
Synctera is the latest banking-as-a-service startup to lay off staff
TechCrunch
·
1y ago
Medial
Banking-as-a-service startup Synctera has announced staff reductions as part of a company restructuring. The exact number of employees affected has not been disclosed, but it is estimated to be around 15% of the workforce. Synctera's platform connects fintech firms with sponsor banks, and it recently raised an additional $18.6 million in funding. This move follows similar job cuts made by other VC-backed BaaS firms amid regulatory challenges. Synctera remains committed to its current business line and plans to offer SaaS solutions to banks and companies.
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Paytm Payments Bank to cut about 20% of staff as business halt looms
Economic Times
·
1y ago
Medial
Paytm, the Indian digital payments firm, is planning to lay off nearly 20% of its staff at its banking unit as the future of the unit remains uncertain due to a central bank deadline to halt most operations. Paytm Payments Bank, in which Paytm holds a 49% stake, was ordered by the Reserve Bank of India (RBI) to stop accepting credit transactions or deposits by March 15 following compliance breaches. Paytm's shares have plummeted since the regulatory clampdown and employees are frustrated as management had previously guaranteed no layoffs. It is unclear what purpose the banking staff will serve after the halt.
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Crisis-hit BluSmart’s 500 staffers await clarity on their salary dues
Economic Times
·
7m ago
Medial
BluSmart, an all-electric cab service provider, is facing a cash crisis, leaving 500 employees awaiting clarity on unpaid salaries since March. Despite founder Anmol Singh Jaggi's previous assurances, there’s no update on salary payments. The company, transitioning to a fleet operator for Uber, may lay off staff linked to its ceased ride-hailing operations. Senior executives have resigned and are job hunting as fundraising and private equity discussions falter amidst financial and regulatory challenges.
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Robinhood's new Gold Card, BaaS challenges and the tiny startup that caught Stripe's eye
TechCrunch
·
1y ago
Medial
This week's edition of TechCrunch Fintech covers Robinhood's new Gold Card, challenges in the BaaS (banking-as-a-service) space, and a tiny startup that caught Stripe's attention. Robinhood's Gold Card offers impressive features like 3% cash back and the ability to invest that cash back. BaaS startup Synctera faced a restructuring that resulted in layoffs, while the FDIC announced consent orders for two banks regarding compliance with financial regulations. In other news, PayPal Ventures invested in Qoala, New Retirement raised $20 million, and Zaver closed a $10 million extension to its Series A funding round. Additionally, Supaglue, Bolt, Mercury, RealPage, Plaid, Rippling, Chime, and Cloverleaf made headlines.
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Tencent's Riot Games to lay off about 11% of staff
Economic Times
·
1y ago
Medial
According to sources, Tencent's Riot Games is planning to lay off approximately 11% of its staff. This decision comes as the company aims to streamline its operations and improve efficiency. Riot Games is known for developing popular games like League of Legends and Valorant. The layoffs are expected to impact multiple departments within the company.
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Reliance Retail Denies Closure and Layoff Rumors at Milkbasket
IndianStartupNews
·
2y ago
Medial
This news covers the denial by Reliance Retail of any plans to shut down Milkbasket or lay off its staff. Reliance emphasizes that while Milkbasket is integrating with JioMart, employees will be reassigned to different roles but not lose their jobs.
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Hyundai-backed autonomous company Motional cuts 5% of workforce
TechCrunch
·
1y ago
Medial
Motional, the autonomous vehicle company formed by Hyundai and Aptiv, is set to lay off around 5% of its workforce, or fewer than 70 employees. The majority of the cuts will affect administrative roles and staff based in Boston. This comes after a previous round of layoffs in December 2022, which mainly impacted the firm's operations in Pittsburgh. Motional is known for its autonomous vehicle taxi service in Las Vegas and a delivery pilot with Uber Eats in Santa Monica. Despite financial struggles, the company aims to launch a robotaxi service using driverless Hyundai vehicles by 2024.
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Stability AI to lay off staff weeks after founder Mostaque resigned as CEO
Economic Times
·
1y ago
Medial
AI startup Stability AI is set to lay off some staff as part of a restructuring process following the resignation of founder Emad Mostaque as CEO. The move comes as the company faces tough competition from firms like OpenAI and Mistral. Mostaque stepped down as CEO and from the company's board in March to pursue decentralized AI, leaving behind a board of interim co-CEOs. The number of employees affected by the layoffs has not been disclosed. Stability AI recently released its Stable Diffusion 3 model and counts Lightspeed Venture Partners, Sound Ventures, Coatue, and Intel among its investors.
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Amazon to lay off employees in Prime Video, Studios divisions
Economic Times
·
1y ago
Medial
Amazon.com is set to lay off several hundred employees in its Prime Video and Amazon MGM Studios divisions, according to a note seen by Reuters. The company plans to reduce or discontinue investments in certain areas while focusing on content and product initiatives that will have the most impact. Additionally, Amazon's streaming unit Twitch is expected to cut 35% of its staff, or about 500 employees, as it continues to remain unprofitable.
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Los Angeles Times to lay off 20% of newsroom in newspaper's largest staff reduction in its history
Medial
·
1y ago
Medial
The Los Angeles Times is set to lay off over 115 employees, representing more than 20% of its newsroom staff. This marks one of the largest staff cuts in the newspaper's history. The announcement comes after the LA Times Guild staged a walkout to protest the layoffs, the first-ever newsroom union work stoppage for the institution. The cuts are attributed to the newspaper's need to increase advertising and subscription revenues and address its yearly losses of up to $40 million.
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SpiceJet's Ajay Singh bids for GoFirst
Livemint
·
1y ago
Medial
SpiceJet Chairman Ajay Singh has submitted a joint bid with Busy Bee Airways for GoFirst airline. If successful, SpiceJet will be the operating partner and provide staff, services, and industry expertise to GoFirst. The National Company Law Tribunal has granted a 60-day extension for GoFirst's moratorium to finalize its corporate insolvency resolution process. The collaboration is expected to generate synergies and improve cost management and revenue growth for both carriers. SpiceJet has recently announced plans to lay off 15% of its staff to save costs.
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