Fintech company Simpl lays off over 25% of its workforce

A Fintech startup Simpl has laid off over 25% of its workforce which is around 150-200 employees. The company has reportedly said that the layoffs are due to current economic conditions and to prepare for the new economic reality. The fintech further added that it had overhired assuming demand for e-commerce seen during the pandemic would continue to grow, however, it is taking corrective action now.

Simpl which is a buy now and pay later firm had sent an email notifying the employees about their lay off. As per reports Simpl is offering a severance package along with healthcare support, outplacement, and counselling support.

Simpl's CEO Nitya Sharma in a letter told her employees that, "After careful consideration, | have made the difficult decision to reduce our headcount and say goodbye to many talented team mates who have played a crucial role in getting us to where we are today".

Simpl has about 42 million users on its platform and has partnered with over 26,000 merchants. This Bangalore based fintech startup raised $40 million in December 2021. So far, the firm has raised $83 million across several funding rounds.