By Daniel Lanyon on Wednesday 1 June 2022
Fears of a recession are starting to hit venture-backed fintech businesses, with Klarna making 10 per cent of its workers redundant last week following on from similar moves in the grocery delivery space.
Curve, the 'all-your-cards-in-one' fintech banking app, has made 60-70 people redundant, amid mounting fears of a recession.
The company has a headcount of 425 people, according to LinkedIn, meaning the true figure of the lay offs represents a similarly high percentage of cuts made by Klarna recently.
Klarna let go 10 per cent of its 700 strong workforce last week amid rumours it was raising $1bn at a 30 per cent cut to its valuation.
Curve saw its operating losses jump from £28.5m in 2019 up to £37.9m in 2020, the last figures available for the company, which was founded in 2015 by Shachar Bialick (pictured).
The UK is Curve’s main market although it has recently been expanding in the US following a launch in March 2022.
21 March 2023
Daniel Lanyon