Plaid lays off 20% of staff
Financial services connectivity startup Plaid Technologies has laid off around 260 employees – shrinking its workforce by ~20%.
In a letter to employees that was posted on Plaid’s website, CEO and co-founder Zach Perret writes that during COVID the company “saw a dramatic increase in fintech adoption,” but macroeconomic conditions have changed “substantially” this year, leading Plaid customers to experience slower-than-expected growth.
In 2020, Visa announced plans to acquire Plaid for $5.3 billion, but after a civil antitrust lawsuit by the Department of Justice, the plan was abandoned.
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