FinanceUS

Bench Layoffs

March 2020

Bench announced a layoff affecting 47 employees (10% of its workforce) in March 2020. The company operates in the Finance sector.

People Affected

Percentage

10%

Announced Date

Mar 27, 2020

About

In March 2020, Vancouver-based FinTech startup Bench laid off 47 employees, representing 10% of its then 460-person workforce, due to a severe pandemic-driven sales drop. The company restructured financially, cutting executive pay and pivoting to help U.S. small businesses secure PPP loans. This shift doubled sales, allowing Bench to rehire 17 of the laid-off staff and hire 52 new employees by mid-June. Operating in the financial technology industry, Bench, founded in 2013 and backed by $53 million in venture funding, automates accounting for small businesses.