Fintech unicorn CRED-owned corporate expense platform Happay laid off approximately 35% of its workforce, affecting around 160 employees, as part of a significant restructuring move announced on May 12, 2023. The layoffs impacted various departments including sales, marketing, tech, product, and operations. With over 450 employees prior to the cuts, the decision was linked to the annual appraisal cycle and employee performance. Happay, acquired by CRED in a $180 million deal in December 2021, offered a severance package including three months' salary, extended insurance, and job placement assistance. This restructuring occurs as parent company CRED expands its fintech ecosystem while navigating substantial financial losses.
