Alphabet-backed fintech startup GoCardless is laying off 135 employees, or 15% of its workforce, in a bid to cut costs. CEO Hiroki Takeuchi said the layoffs aim to lower company costs by 15%. The job cuts will reduce the senior executive members in its workforce by 25%. - After the layoffs, the firm expects to have a workforce of just under 800 employees.
- The British payment processing startup has raised nearly $530M from investors, the last of which came in through a $312M Series G round led by Permira in early 2022.
- GoCardless was valued at $2.1B at its last funding round.
- The firm is backed by Alphabet's venture capital arm GV, BlackRock, Bain Capital Ventures, Accel, and others.
News of GoCardless's layoffs come as VC funding for European tech startups is expected to drop 39% to $51B by the end of this year, per Atomico. |
