3700 Employees Laid Off In The Fintech Space
There is a serious panic in fintech, considering the massive layoff of staff.
Recall that in 2020, over 8500 employees in the fintech space were laid off and the records in 2022 so far seem to suggest that we might have a higher number of layoffs in the fintech space this year
Data available from layoffs.fyi shows that as of July 1st, 2022 over 3700 employees (excluding crypto companies) have been laid off across 41 “layoff events”. So far, fintech has accounted for 10.1% of the total layoffs in Q2 2022. These will be really difficult times for these employees because obviously, layoffs are hard.
Though we have more fintech than we did in 2020, that has not solved the problem of laying off massive numbers of staff.
What Could Be The Reason?
Well, an analyst at Techblit suggests that the current layoffs might be connected to several factors including but not limited to;
- The surge in the number of fintech startups
- The call by investors for fintech founders to maximize resources for more profit
- Recession
- etc.
Whatever the case, these are interesting times and we hope to see some form of stability in the fintech space, considering the fact that fintech startups raised over $130billion in 2021 alone.
Author: Tech Talker
(Content creator, 09030643105)