Fintech firm Plaid lays off 260 employees

Quick Take

  • Plaid CEO Zach Perret said about 260 Plaid employees were laid off due in part to the “current economic slowdown.” 

Plaid, a firm that connects banks and fintech firms, laid off about 260 employees as it grapples with the slowing economy. 

"The simple reality is that due to these macroeconomic changes, our pace of cost growth outstripped our pace of revenue growth," Plaid CEO Zach Perret said in a message to employees. "I made the decision to hire and invest ahead of revenue growth, and the current economic slowdown has meant that this revenue growth did not materialize as quickly as expected."

Departing employees will receive 16 weeks of pay, six months of health care and career support as part of their severance packages. Plaid did not respond by time of publication to clarify which departments were most affected by layoffs. 

Plaid joins Koinly, GameStop, Bitso, Meta and numerous other web3 firms that are reducing headcount amid the market downturn, which began in May following the Terra ecosystem collapse. The firm, which focuses on providing open banking APIs, launched its first web3 product in October of this year. 


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About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.

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