5 months after a $55M Sequence B, fintech Argyle cuts jobs

Argyle, which desires to assist firms and establishments get entry to employment information, has laid off numerous workers throughout all departments, TechCrunch has realized from sources. A spokesperson for the corporate confirmed the workforce discount to TechCrunch, saying that it let go of 6.5% of the group, or 20 folks.

The determine offered by Argyle doesn’t signify contractors that would have been impacted by the layoff. A spokesperson declined to supply additional particulars on the variety of contractors impacted, if any, or what severance was offered to workers, if any.

“Argyle’s continued transfer upmarket, focusing on enterprises as an alternative of SMBs, requires a selected ability set and the corporate did make an adjustment to its group at present,” the spokesperson wrote over e mail.” The identical spokesperson mentioned that the corporate continues to be on observe to double its workforce by the top of the yr, hiring for greater than 30 open positions. Whereas the spokesperson didn’t say it outright, the assertion implies that it let go of individuals with extra SMB expertise and want to rent extra enterprise-focused of us.

The startup raised a $20 million Series A in October 2020, then disclosing that it processed 10 million person employment information per 30 days. CEO and co-founder Shmulik Fishman mentioned he wished to disrupt the method wherein establishments purchase information from third events and as an alternative deliver person consent into the combination. The aim is to offer workers extra possession over their knowledge and make the entire course of extra clear. Fishman hinted at a love for Plaid in an interview that very same month, even crediting the startup’s title as a nod at different profitable fintechs branded round patterns.

Satirically, although, Plaid has shortly gone from good friend to foe. Months after Argyle landed Sequence A funding, Plaid announced the launch of income verification services.

This yr, Argyle announced a $55 million Series B funding round and the launch of a self-service software so that buyers can entry their employment information with ease. The corporate then claimed it has skilled “10x development” in comparison with its prior spherical. As of final confirmed, Argyle serves over 500,000 U.S. employers, together with 60% of the Fortune 500 and “near 100% of gig staff.”

In its early days, Argyle told FinLedger that its largest buyer section have been firms centered on credit score extension corresponding to monetary establishments, publicly traded banks, credit score unions, insurance coverage suppliers and any firm that gives “credit score extension in all shapes, kinds and sizes.”

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