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.