The Bank Slate


Fintech Marqeta to cut 15% of its workforce

Marqeta, a card issuing platform, plans to cut about 15% of its workforce.

The fintech disclosed in a regulatory filing that it will lay off roughly 150 employees in the coming months as part of a plan to lower operating costs, prioritize high-return projects and put it on a path to profitability.

The plan is expected to cut annual expenses by $40 million to $45 million.

Marqeta said it expects to incur about $9 million to $11 million in charges in the second quarter tied largely to severance payments and employee benefits contributions.

The company lost $68.8 million in the first quarter.

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