The Bank Slate


Fintech Unit laying off 15% of its staff

Unit is laying off 15% of its staff.

Itai Damti, the embedded finance fintech’s co-founder and CEO, announced the cuts in a post.

“We believe that our company needs to think in longer time frames,” Damti said.

“Banks in the fintech ecosystem have slowed down in the last year due to increased regulatory scrutiny,” he added. “While we believe that the slowness is temporary and Unit will actually benefit from the resulting regulatory clarity, it will take time. For now, we need to focus on efficiency and account for slower than expected revenue growth.”

While Unit could choose to raise more capital in the future, it is opting to focus on becoming profitable first. “This independence will help us realize our mission – powering modern financial experiences – reliably and for the long term, the post said.

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