Chime is laying off 12% of its team, more than 150 people. The company, which earlier this year abandoned a planned $40 billion IPO, insists it remains "very well capitalised".

Upstart, the US AI-powered online lender founded by a gaggle of former Googlers, has axed seven per cent of its workforce - about 140 people.

In an SEC filing, the firm blames the wider economy and "reduction in the volume of loans" on its platform as interest rates rise.

Meanwhile, Credit Karma, the credit monitoring and building platform acquired by Intuit in a multi-billion dollar deal, is pausing hiring.

According to Bloomberg, the move comes in the face of slowing revenue but the company is still replacing employees that leave and is not imposing pay cuts.