Exclusive: TrueLayer announces job cuts of up to 10% of staff

By Oliver Smith on Friday 16 September 2022

Digital Banking

Around 40 roles are likely to be impacted after CEO Francesco Simoneschi revealed “challenging market conditions” had prompted the decision.

Exclusive: TrueLayer announces job cuts of up to 10% of staff
Image source: Nadhim Zahawi MP with TrueLayer CEO Francesco Simoneschi.

Open banking provider TrueLayer has become the latest fintech to announce a wave of redundancies, AltFi can exclusively reveal.

Staff were informed yesterday morning in an all-hands meeting hosted by CEO and co-founder Francesco Simoneschi that the decision had been made to reduce TrueLayer’s headcount by 10 per cent.

TrueLayer employs roughly 400 staff across its four offices in London, Sydney, Milan and Dublin, so around 40 roles are likely to be facing redundancy.

“Following a process of debate and looking in detail at the different courses of action, it is with great regret that we’ve decided to reduce our headcount by 10%,” explained Simoneschi in a company-wide email straight after the all-hands meeting.

“This is not a decision which we have taken lightly. Nor is it an announcement any CEO or Founder wants to make.”

Simoneschi said the decision was due to the company “now operating in a very different context and more challenging market conditions.” 

TrueLayer, while being in a position of strength, is not immune to these broader factors.”

His email was this morning published on TrueLayer’s public blog “for transparency to our partners, customers and wider TrueLayer community”.

The CEO went on to thank those staff who would be impacted by yesterday’s decision, saying that “the future success of TrueLayer will also be thanks to the work of the people leaving today.”

Those staff leaving TrueLayer as a result of the redundancy process will be offered an additional number of months’ salary based on length of service, three months of employer pension contributions, extended access to health insurance, mental health support and outplacement support in securing a new job.

TrueLayer last raised funding in September 2021 when it closed a $130m funding round led by Tiger Global, which valued the fintech at over $1bn.

Last month TrueLayer was visited by the then UK Chancellor Nadhim Zahawi who praised the “direction of travel” of open banking and later Tweeted that it was “great to see British innovation in action”.

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