About 40 roles are at risk, as Truelayer employs around 400 people across offices in London, Milan, Dublin, and Sydney.

In an email posted on the Truelayer public blog by the CEO, Simoneschi stated: “This is not a decision which we have taken lightly. Nor is it an announcement any CEO or Founder wants to make…Transparency is central to our values and culture, so I’ll set out the rationale and context behind today’s announcement and provide some detail on the process which led us to today.”

Simoneschi added that the company is “now operating in a very different context and more challenging market conditions.”

Truelayer employees who will be let go will be offered additional months’ salary based on period of service, employer pension contributions for three months, extended health insurance access, mental health support, and outplacing support.

Truelayer is not the only fintech facing significant employee cuts, in May BNPL giant Klarna announced plans to lay off 10% of their staff, trading app Robinhood axed 23% of their staff last month due to the economic downturn, and e-commerce platform ClearCo laid off 125 employees, 25% of their staff in August.

Truelayer recently partnered with SaaS platform WealthOS and introduced instant payments with credit firm Tymit.