Bluevine cuts 100 jobs in second round of layoffs in six months
Bluevine cuts 100 jobs in second round of layoffs in six months
The fintech company is reducing its global workforce by 18%, including laying off 30 employees in Israel.
Veteran fintech company Bluevine is laying off 100 employees, 30 of them in Israel. This marks the second wave of layoffs in six months and totals approximately 18% of the company's workforce. Dozens of employees were let go in the previous round of layoffs in June.
Before this current wave, the company employed 550 people.
Bluevine, founded in 2013, provides an all-in-one digital banking platform specifically designed for small businesses. The company is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, ION Crossover Partners, SVB Capital, Nationwide Insurance, and M12 (Microsoft’s Venture Arm).
The company stated, "In order to adapt to changes in the global market and to continue executing the company's long-term strategy in an efficient manner aligned with our goals, it was decided to part ways with approximately 18% of the company's global workforce. This decision comes alongside the continued growth of our small business banking platform, with the goal of ensuring its success for many years to come. As part of Bluevine's commitment to its employees, we will assist those impacted in finding new jobs and support them during this transition. Israel, which serves as the company's primary R&D center, will continue to drive innovation, ensuring that Bluevine remains a global leader in its field, strong, growing, and financially stable."
