Banking-as-a-service platform Treasury Prime laid off approximately 40 to 50 employees, representing about half of its nearly 100-person workforce, as confirmed by CEO Chris Dean on February 28, 2024. The fintech company, which operates in the financial technology industry, is undergoing a strategic pivot to focus exclusively on providing software directly to banks, moving away from its previous role as a liaison connecting fintechs with banking partners. This shift comes as banks increasingly prefer to negotiate directly with fintechs, and regulatory pressures emphasize banks' direct oversight of third-party partnerships. The layoffs primarily affected teams involved in marketing and selling to other fintechs, streamlining the company to concentrate on its core technology offerings for financial institutions.
