Finance
Tiger-Backed TrueLayer Loses Unicorn Status in Fundraising
- Valuation falls 30% after raising $50 million from investors
- The fintech has restructured operations, cut jobs recently
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TrueLayer Ltd., a fintech backed by Tiger Global and Stripe Inc., has seen its valuation slashed by roughly 30% in its latest funding round, according to a person familiar with the matter.
The move comes just weeks after the company began reducing headcount to shore up profitability, the person said, asking not to be named discussing non-public information. Chief Executive Officer Francesco Simoneschi also recently announced at an internal meeting that the company would restructure operations, the person said.