OPEN said that the employees were let go based on performance evaluation
The startup also stated that all four of its cofounders have taken a 50% pay cut
The impacted employees have been paid a one-month notice period worth of salary
Neobanking unicorn OPEN has joined the growing list of fintech startups firing employees by laying off 47 employees. The retrenchments were done based on performance evaluation, the neobank said.
“While 47 Openers were exited based on performance, the company is actively recruiting for critical functions such as growth marketing, product, and sales functions to continue growing the business and better serve its customers,” OPEN said in a statement.