Fintech startup Argyle laid off 20 employees in August 2022, representing 6.5% of its team, as part of a strategic shift to focus on enterprise clients rather than small and medium-sized businesses. The company, which provides employment record access, stated the move was necessary to align its workforce with the specific skill sets required for serving larger organizations. Despite the layoffs, Argyle planned to double its headcount by year-end, hiring for over 30 open positions. This restructuring occurred just five months after the company secured a $55 million Series B funding round, highlighting the competitive pressures in the fintech sector, where even well-funded startups must adapt quickly to market demands and evolving competitor landscapes like Plaid's entry into income verification.
