In fintech news, Plaid joined the growing roster of companies cutting staff as growth plans fail to meet expectations. DomaHQtweets too
Plaid, the fintech that makes it easier for other fintechs to connect to users’ bank accounts, said it’s cutting about 260 employees after being too aggressive in hiring for anticipated growth.
“We hired aggressively to meet the customer demand we were seeing, and to invest in new products,” said Perret. “Our pace of cost growth outstripped our pace of revenue growth.” Plaid planned to conduct an all-hands meeting Thursday to provide additional details and answer questions from its remaining employees.
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