AM I NEXT? NO LOVE AT UPSTART

San Mateo, California-based Upstart, a lending platform that partners with banks and credit unions to provide personal and consumer loans using proprietary non-traditional credit underwriting based on non-FICO data such as education and employment, has announced a reduction in force to adapt to changing market conditions, decreasing loan originations and rising interest rates.

The reduction in force will impact 140 hourly employees, mostly support staff for loan processing.

According to a company spokesperson, “Given the challenging economy, we are making this difficult decision for the long-term health of the company. We do not expect any further layoffs, and continue to hire for roles that are strategic to our business.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT CHIME

San Francisco, California-based Chime, a financial technology company that partners with regional banks to design and host financial services, has announced a reduction in force as part of its cost containment strategy.

The personnel realignment will impact approximately 12% of the workforce or about 160 employees.

A spokesperson noted, "To ensure the long-term success of the business and as we look at current market dynamics, we are focusing our organization to be fully aligned with our company priorities. The changes will help, but we also need to adjust the size of our organization as we increase our focus and forge our path to profitability.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT FUNDBOX

San Francisco, California-based Fundbox, a platform to manage cash and credit management for small businesses, has announced a major cost containment initiative that features a 40% reduction in force.

According to the company, “As part of a broader restructure, we are reducing our workforce by about 40%, and parting ways with valued teammates across the company. This is a very painful change, especially for coworkers who are directly impacted. However, it is a necessary step to strengthen our business fundamentals so that we can execute our mission to help small business owners with their financial needs."

“Here is some context around the decision. Fundbox serves small businesses through working capital and cash flow solutions, both directly and through our partners. As macroeconomic trends continue to impact the small business economy, we, too, face material business headwinds. It is clear that these economic challenges will last for longer than we initially expected."

“Financial services are very important parts of our lives that are being transformed. “Moreover, our business grew quickly over the last two years, and we scaled our team accordingly. We brought on colleagues who have contributed enormously to our progress. But the truth is that we grew our team too fast, and we need to course correct. While we are well capitalized with over $100M in liquidity, we also need to be careful stewards of investor capital. Bringing our workforce back to our pre-pandemic size will strengthen our financial footing as we work towards becoming a profitable business, which we are not today.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?