FinanceUS

Fundbox Layoffs

October 2022

Fundbox announced a layoff affecting 150 employees (42% of its workforce) in October 2022. The company operates in the Finance sector.

People Affected

150

Percentage

42%

Announced Date

Oct 25, 2022

About

Fintech unicorn Fundbox has laid off 150 employees, representing 40% of its 360-person workforce, with cuts split evenly between its Israeli and U.S. operations. Announced on October 25, 2022, the layoffs are part of a broader restructuring, with CEO Prashant Fuloria citing that the company grew its team too rapidly and now needs to course-correct amid macroeconomic headwinds affecting the small business economy. The Israeli-founded company, which provides AI-powered credit solutions to small and medium-sized businesses, had achieved a $1.1 billion valuation in late 2021.