SoFi

SoFi, a financial technology company, laid off approximately 60 employees, representing about 5% of its workforce, in January 2023. The layoffs were part of a strategic restructuring to streamline operations and improve efficiency amid broader economic uncertainty. The fintech industry has faced significant challenges, and SoFi, as a publicly traded company, made this adjustment to better position itself for future growth.

SoFi on 2023-01-30.

Personal finance fintech SoFi has laid off approximately 112 employees, representing about 7% of its 1,600-person workforce. The cuts followed a more rigorous round of quarterly performance reviews, influenced by current market conditions, and also included the elimination of a collections team due to automation. This restructuring occurs just over a month after SoFi announced a major $1.2 billion acquisition of payments startup Galileo. The layoffs were not confined to specific teams but occurred across the organization, reflecting efforts to address inefficiencies amid broader strategic moves in the fintech industry.