Last July, Pleo closed a $150 million Series C funding round at a $1.7 billion valuation, but, Pleo CEO Jeppe Rindom says, after a year of rapid growth, "the world has changed and our next chapter will look different".

Continues Rindom in a post on the firm’s website: "We’re no longer operating under a ‘growth first’ mandate but rather a reality of ’growth through focus and efficiency’."

Founded in 2015 by former staffers from Danish startup Tradeshift, Pleo provides firms with an out-of-the-box business spending platform that offers smart company cards and automated expense reports for employees.

Pleo is far from the only fintech to cut jobs in the face of the new economic reality: today Stripe cut 14% - 1100 people - from its workforce, while yesterday digital bank Chime and online lender Upstart both made layoffs.