- Workforce Reductions: TrueLayer, an open banking payments company based in London, laid off 71 employees—roughly 25% of its workforce—in September to streamline operational costs and focus on profitability.
- Timing with Funding: The layoffs occurred a week before TrueLayer announced a $50 million extension to its $130 million Series E funding round, initially raised in 2021.
- CEO’s Statement: CEO Francesco Simoneschi noted that the decision was part of broader efforts to achieve financial sustainability, expressing gratitude to the team during this challenging period.
- Operational Scale: TrueLayer processes $50 billion in payments annually, recently surpassing one million monthly variable recurring payments—an industry milestone.
- Future Focus: While reducing costs, TrueLayer aims to leverage its latest funding to drive growth and maintain its leadership in the open banking payments sector.
