GoCardless slashes 135 jobs

GoCardless, a fintech company based in London, is set to reduce its workforce by 15% as part of a cost-cutting measure, resulting in approximately 135 job cuts. The decision comes as the company navigates the challenges posed by the current economic environment and seeks to scale back investments in long-term projects.

In a blog post, GoCardless CEO Hiroki Takeuchi expressed regret over the need to make these difficult decisions and took full responsibility for the choices that led to this outcome. He acknowledged the talent and dedication of the employees who will be departing and expressed his sadness at bidding farewell to them.

Aside from the job cuts, the cost reduction plan includes relocating 15 staff members from the UK to Riga, Latvia. The layoffs will impact employees across the UK, US, Australia, and New Zealand. GoCardless has also closed 59 new or open roles and will limit recruitment to positions aligned with their top priorities. The company aims to prioritize affected employees when filling these roles.

GoCardless achieved unicorn status in early 2022 after securing £230 million in a funding round, resulting in a valuation of £1.55 billion. The fintech specializes in managing direct debit collections for merchants through an API, offering streamlined payment solutions.

As GoCardless adjusts its operations and streamlines its focus, the company aims to navigate the current economic challenges while continuing to provide efficient payment services to its merchant clients.