Citing “challenging market conditions,” London-based open banking startup TrueLayer has announced it will lay off 10% of its workforce. According to LinkedIn, TrueLayer has 443 employees, meaning the job cuts will total about 45 workers.
The company informed its staff of the news in an all-hands meeting on Thursday before announcing it to the public in a blog post on Friday.
TrueLayer is a business designed to bridge the gap between fiat currencies and crypto by providing open banking infrastructure to firms like Revolut and Moonpay. It raised $130 million in a funding round led by Tiger Küresel and Stripe in September last year, with a valuation of over $1 billion.
“You may understandably ask what has changed in the past twelve months,” TrueLayer CEO Francesco Simoneschi said in the blog post. “We are 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.”
The layoffs continue a trend across the crypto industry during this prolonged bear market, with TrueLayer joining the likes of NFT marketplace OpenSea, exchanges Coinbase, Blockchain.com and Gemini, and many others in making sizable staffing cuts.