Onfido, a UK-based identity verification software scaleup, conducted layoffs in 2022 as part of a strategic shift to achieve cashflow positivity by the end of 2024. While the exact number of employees laid off was not disclosed by CEO Mike Tuchen, it was fewer than the 11% reduction suggested by LinkedIn data. The company's current workforce stands at approximately 600. The layoffs were driven by challenging market conditions, including reduced software spending by corporate clients and slower growth, prompting Onfido to prioritize efficiency over growth and reduce its reliance on venture capital funding. Operating in the fintech and SaaS industry, Onfido, once a unicorn, is focusing on expanding its customer base in Europe amid a downturn.
