Fi.Money lays off 10% of workforce in Bengaluru
Fi.Money, a leading neobank in Bengaluru has recently laid off 10% of its workforce due to unforeseen market circumstances. The announcement came as a big shock to the employees who were not expecting such a move. Let’s take a closer look at Fi.Money and why they have taken this decision.
Company Introduction
Fi.Money is an Indian neobank that operates in the financial sector. It was founded in 2018 by Rahul Singh, who is a former Paytm executive. The company recently raised $137 million in Series C funding. Fi.Money aims to disrupt the traditional banking sector by providing seamless, digital banking services to customers.
History
Since its inception, Fi.Money has been growing at a steady pace. The company has been gaining market share through its innovative products and services. Its digital-first approach has made it easier for customers to access their banking needs. In its previous funding round, the company raised $40 million, which was used to expand its operations.
Funding and Investors
Fi.Money has been able to raise significant amounts of funding from investors. Its recent Series C funding round saw participation from Sequoia Capital India, Ribbit Capital, and others. The company’s valuation has also seen a significant increase due to these investments.
Performance
Fi.Money has been performing well in the neobanking sector. Its innovative products and services have been well received by customers. The company has been able to attract a large number of customers due to its digital-first approach. Its revenue has also been increasing steadily over the years
Reason for Layoffs
The recent layoffs in Fi.Money have been attributed to unforeseen market circumstances. The finance sector has been going through significant changes, with traditional banking models being disrupted by neobanks and fintech companies. The pandemic has also affected the economy, which has had an impact on Fi.Money’s business operations.
Number of Employees Laid Off
Fi.Money recently laid off 30 employees, which is approximately 10% of its workforce in Bengaluru. The company has stated that the laid-off employees will receive a severance package and the necessary support to help them find new job opportunities.
Statement from Company Stakeholders
In a recent statement, Fi.Money’s CEO Rahul Singh stated, “We have had to make some tough decisions due to changing market circumstances. The layoffs are regrettable, but necessary to ensure the long-term health of the company. We are committed to our employees and will do everything we can to support them during this transition.”
