Tag: Bolt

If we were to look back in a year or two, we might find that the last week of May 2022 manifested the trend toward the entire tech sector's crisis, especially in the FinTech sector, which saw a C19 Pandemic-boosted hype before that. FinTech unicorns like Klarna or Bolt announced massive layoffs. Online payment pioneer PayPal as well. In contrast, the high-risk payment segment still seems to be booming. Alex Leigh, the co-founder of Total Processing, has made a job offer to the terminated Klarna people via a LinkedIn post.

Earlier this week, Swedish FinTech unicorn Klarna announced an austerity program and the layoff of 10% of its workforce. San Francisco-based Bolt Financial had to follow this path and lay off around a third of its workforce, or around 250 employees, to reach profitability with the money available. The Bolt layoffs came just months after investors valued FinTech at $11 billion. PayPal and other FinTechs also announced layoffs and hiring freezes. Evidently, the FinTech sector switches into crisis mode.