FinanceCA

Clearco Layoffs

July 2022

Clearco announced a layoff affecting 125 employees (25% of its workforce) in July 2022. The company operates in the Finance sector.

People Affected

125

Percentage

25%

Announced Date

Jul 29, 2022

About

Clearco, a Canadian FinTech company, has laid off 125 employees, representing about 25% of its global workforce, which it previously stated was around 500 people. The co-founders announced the cuts via email, citing the challenging macroeconomic environment as the primary reason. They described the move as necessary to ensure long-term sustainability and profitability, allowing Clearco to continue supporting founders. This follows a period of quiet downsizing and operational adjustments, including earlier layoffs in Ireland and fee increases for its startup loans. The layoffs reflect broader pressures in the tech industry, as companies like Shopify also reduce staff amid economic uncertainty.