Kuda, a digital bank based in Nigeria and the U.K., has confirmed via email to media that it has laid off less than 5% of its 450-strong workforce, equivalent to about 23 people. There have been other startups, especially those that have raised vast sums of venture capital within the last year or two, that have laid off hundreds of staff; for instance, Swvl laid off 400 people; Wave, approximately 300; 54gene, 95; and Vezeeta, 50. The layoffs come a year after Kuda, which provides zero to minimal fees on cards, account maintenance and transfers,
Black-owned venture capital firm, Backstage Capital, has cut 75% of its operational staff due to fundraising and growth challenges, both externally and internally. Backstage Capital, founded by Arlan Hamilton in 2015, was one of the first VC firms to dedicate their services to minimizing the funding disparities in tech by investing in high-potential founders of color, women, and LGBT members. The firm, which Hamilton built from the ground up while homeless, invested in over 170 start-up companies led by underrepresented founders. The decision to downsize its team came just three
You may have stumbled upon memes on Twitter where users are snubbing the American streaming platform – Netflix. Well – it’s because it’s just been announced that the tech giant is laying off approximately 150 employees across the company, according to an internal memo sent Tuesday. The layoffs represent 2 percent of the streamer’s total workforce, with most of the cuts happening in the United States. Netflix is also making changes to its animation division, resulting in 70 roles being cut off in that unit and reducing contractor roles in
Last year – Vishal Garg went from being the relatively unknown CEO of an online mortgage services company to being the boss who laid off 900 people on a Zoom call. The video and Garg went completely Now, the company says it will lay off another 3,000 employees, a third of its workforce. Sources familiar with internal happenings at the company told TechCrunch on Monday that the online mortgage lender Better.com was reported to be poised to lay off roughly 50% of its staff of about 8,000 this week. According to a Better.com
In the decade I’ve worked in the tech industry I’ve come to learn how common lay-offs are. In 2012 when I was a manager at Groupon, I had to lay off teammates I had hired after the share price slumped post-IPO. When I was a manager at HotelTonight in 2015, I watched as some of my fave teammates were laid off to cut costs after the founders tried and failed to raise another round of funding. Just last week I joined the millions of professionals affected by the COVID-19 pandemic
This is the tale of a technology enabled phoenix. This is the tale of the death of a startup. It is the tale of betrayal and survival. It is long. It is a tale of redemption. It is worth the read. In the year 2011, I was inspired to start a technology-enabled primary care practice that would cut the cost of healthcare in half while 10x-ing the patient experience. I knew a lot about healthcare but nothing about running a clinic. Yet, I knew that I had done harder things
