Creator finance startup Karat Financial laid off staffers in October 2023, with sources estimating at least 10% of the company's workforce was cut, though precise numbers were not disclosed. This reduction comes just months after the company, which provides financial services like taxes and bookkeeping for content creators, raised $70 million in a Series B funding round. The layoffs reflect broader challenges in the creator economy, where growth has cooled amid market uncertainty, leading to cuts across various startups and social media firms. Despite the layoffs, Karat continues to hire for several open positions.
