Checkout tech firm Bolt is slashing its workforce as it becomes the latest in a swathe of fintechs to announce job cuts.
In a message to employees today, executive officer, Maju Kuruvilla, said the firm had been hit by a market downturn.
“It’s no secret that the market conditions across our industry and the tech sector are changing,” Kuruvilla said in the message seen by Bloomberg.
“In an effort to ensure Bolt owns its own destiny, the leadership team and I have made the decision to secure our financial position.”
The company began holding meetings with employees today, Bloomberg reported.
The layoffs come just months after the firm bagged a $355m funding injection in January, with founder Ryan Breslow telling TechCrunch that the capital would “enable us to bring in the best talent, make strategic acquisitions and expand into Europe, which is important to us.”
Bolt’s layoffs come after Swedish buy-now pay-later giant Klarna revealed it would slash its workforce by ten per cent this week amid a slowdown in growth.
Trading fintech Robinhood similarly announced it would lay off nine per cent of its full-time employees last month and pull back on its expansion plans.