FinanceCA

FreshBooks Layoffs

March 2023

FreshBooks announced a layoff affecting 80 employees (10% of its workforce) in March 2023. The company operates in the Finance sector.

People Affected

Percentage

10%

Announced Date

Mar 21, 2023

About

Toronto-based accounting software firm FreshBooks has laid off approximately 80 employees, representing 10 percent of its 800-person workforce. This second round of cuts since December is part of a strategic shift away from pursuing an immediate IPO toward achieving profitability by 2025, driven by unpredictable capital markets. The layoffs, announced in early 2023, primarily affected marketing, data, and product teams, including the departure of its CMO. As a late-stage FinTech company serving small-to-medium businesses globally, FreshBooks is now focusing on internal cash flow to fund operations amid broader industry downturns.