Thousands of Fintech Jobs Are Gone as Companies Cut Costs for First Time
- Firms being ‘forced to mature and streamline,’ analyst says
- Affirm, Stripe, Chime, Upstart are among those cutting back
Stripe headquarters in San Francisco.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Thousands of employees in the nascent financial-technology industry are losing their jobs as companies cut costs for the first time.
Affirm Holdings Inc., a “buy now, pay later” lender, and online platform Upstart Holdings Inc. are firing one of every five of their workers — and other firms have made deeper cuts. They joined a bevy of fintechs slashing payrolls as borrowing has become more expensive.