FinanceUS
Tomo Layoffs
May 2022
Tomo announced a layoff affecting 44 employees (33% of its workforce) in May 2022. The company operates in the Finance sector.
People Affected
44
Percentage
33%
Announced Date
May 31, 2022
About
Real estate home-loan startup Tomo laid off 44 employees, representing almost a third of its roughly 150-person workforce, on Tuesday. The company, which had raised $110 million in venture capital over the past year, is halting expansion plans due to deteriorating market conditions. The layoffs are part of a broader wave in the mortgage industry, driven by soaring interest rates and a cooling housing market, which have slowed loan volumes and tightened venture capital funding.
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