ClearCo, a Canadian fintech startup that achieved unicorn status in 2021, has laid off approximately 50 employees, representing just under 30% of its workforce, as part of a major restructuring. This marks the company's second significant round of layoffs within a year, following a 25% reduction in July 2022. The cuts, spanning various departments and levels, reduce the total headcount to 140—a dramatic 72% decrease from its peak of over 500 employees just six months prior. The layoffs coincide with a leadership change, as co-founder Michele Romanow steps down as CEO, replaced by investment banker Andrew Curtis. The company aims to achieve cash flow break-even in 2023 amidst these ongoing adjustments in the competitive e-commerce financing sector.
