Vancouver-based identity verification unicorn Trulioo has laid off 24 employees in Canada this month, with global staff reductions expected to reach 40 to 50 people. This represents five to 10 percent of its workforce, which stood at about 400 prior to the cuts. The layoffs are a strategic repositioning, as the company has decided to stop selling to small businesses—a segment that accounted for less than 3% of revenue but consumed an estimated 50% of go-to-market resources. Trulioo will now concentrate its efforts on serving medium and large enterprises operating internationally. CEO Steve Munford described this as a one-time move to streamline operations for growth. The fintech and identity verification firm, valued at $2 billion, is navigating a challenging economic climate that has impacted many tech companies.
