Synapse, a San Francisco-based financial tech startup, lays off 18% of staff as its CEO announces the company just turned its first profit.
A spokesperson confirmed the layoff round would include 44 employees.
Synapse, which calls itself a “banking-as-a-service” company, connects financial technology firms with its traditional bank partners. With the “sponsor” banks’ resources and services, Synapse helps companies launch financial products, such as payments, deposits and investments, and says more than 18 million people have used its products.
The firm has raised about $50 million in funding since its founding in 2014, with backing from Silicon Valley venture capital stalwarts like Andreessen Horowitz and 500 Global. Pathak said in his buzzword-packed post Wednesday that Synapse had recently achieved profitability and that the layoff round will “reduce and restructure our team in areas that were staffed for unrealized growth or redundancy.”
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