Vesttoo Layoffs
August 2023
Vesttoo announced a layoff affecting 150 employees (75% of its workforce) in August 2023. The company operates in the Finance sector.
150
75%
Aug 1, 2023
About
Vesttoo, an Israeli insurtech startup, is laying off approximately 150 employees, which represents about 75% of its total workforce. This drastic reduction, announced in early August 2023, comes in the wake of a major fraud scandal involving an estimated $4 billion in allegedly fake letters of credit used in reinsurance transactions on its platform. CEO Yaniv Bertele stated the layoffs were a painful but necessary step to give the company a fighting chance at survival, preserving only a small core team for essential operations as it navigates the crisis and attempts to rebuild its business model aimed at revolutionizing the reinsurance industry.
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