green lighta fintech startup that offers discount cards to children, has laid off 104 employees — or more than 21% of its total staff of 485 — in order to “better align with ongoing operating expenses” amid the economic slowdown.
TechCrunch first learned of the planned layoffs this week. The startup confirmed the development via email.
“The macroeconomic environment has affected nearly every business, including Greenlight. We recently made the difficult decision to better align our running operating expenses with the current environment,” a Greenlight spokesperson said in an emailed statement to TechCrunch.
According to the spokesperson, affected employees will be paid severance and expanded medical coverage. Career transition support will also be provided. The startup announced Tuesday that it had made the decision and now has 381 employees.
“The company remains committed to its mission to help parents raise financially savvy children. Going into 2023, Greenlight will focus on continuing to serve its growing customer base and finding new and impactful ways to improve families’ financial literacy.”
Greenlight provides children with a bank app, a debit card and financial literacy that will make them financially independent and smart. The Greenlight Debit Card is issued by the Community Federal Savings Bank.
The Atlanta-based startup was founded in December I enteredAn online financial literacy resource that aligns with national K-12 standards. It is free for schools, teachers, students, and volunteers. It is also available in October Added family safety featuresGreenlight Infinity is a subscription plan that costs $14.98 per monthly for the entire family.
According to the data AvailableGreenlight has raised approximately $556.5 Million in total at Crunchbase since its inception back in 2014. This funding included $260 million from the fourth roundIt was announced in 2021 with a value of $2.3 Billion.
Greenlight is the latest startup to lay off employees in these difficult times. Startups such as Karma careerAnd cartaAnd CoinbaseLet tens of hundreds of employees go to cut expenses. Big tech companies include AmazonAnd sales forceAs the economy continues to struggle, it has also laid off thousands more workers. Several prominent fintech startups including Stripe have also been affected by the economic downturn. 14% of its workforceNovember Start up too Lower the internal rating againTechCrunch reported Thursday that the figure had risen to $63 billion.
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