Chime plans to cut a tenth of its workforce, or roughly 150 people.
The fintech is looking to capitalize on increased use of artificial intelligence to innovate and become more efficient.
“The world is changing quickly and this means we need to keep evolving too,” CEO Chris Britt wrote in a company memo. “To continue to lead in the next era, we need to have the right structure, capabilities, and approach to our work.”
Britt noted in the memo that smaller teams with fewer layers ”are moving faster than ever and getting more done.” He added that Chime aims to bring more teams into its offices to spur innovation and faster decision-making.
“AI is changing what’s possible but requires new skills,” Britt said. “As a public company, we must accelerate growth while continuing to demonstrate operating discipline to build an even stronger, more profitable business.”