Fintech Layoff Spree: Now, Neobanking Unicorn OPEN Fires 47 Employees

Fintech Layoff Spree: Now, Neobanking Unicorn OPEN Fires 47 Employees

SUMMARY

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.

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