Sequoia-backed Bright Money lays off 100 employees amidst funding winter
- ByStartupStory | July 23, 2022
According to a person aware of the situation, Bright Money, a fintech startup founded by Sequoia, has laid off close to 100 employees, or around 50% of its personnel. Two employees who were impacted by the move and who received termination mail from the company confirmed it.
The corporation revealed its cost-cutting initiatives on Thursday, July 14th, and ordered all staff to stop working on all projects. They sent termination mails the following day, on Friday,” the first person continued. “This entire event took place in two days. Affected employees worked in product, technology, and marketing. Many had started their jobs far too soon.
The US-based financial services provider Bright Money, which is based in India, has been attempting to raise Series B financing. The reasons for this action are the unstable funding environment and the requirement to demonstrate profitability. Bright Money raised $31 million in series A funding from Sequoia Capital India, Falcon Edge Capital, and Hummingbird Ventures in September of last year.
Bright Money co-founder and CEO Avi Patchava responded by saying, “Yes, Bright has restructured. These numbers are completely inaccurate. He still hasn’t called the number for layoffs.
About Bright Money
Former InMobi executives and others with backgrounds in data science, including Avi Patchava, Varun Modi, Avinash Ramakanth, Amit Bendale, Petko Plachkov, and Alex Seyfert, founded Bright Money in 2019. With its headquarters in San Francisco, California, Bright Money uses artificial intelligence to support the Middle Class in America in making smarter financial decisions. Utilizing artificial intelligence and data analytics, they are trying to achieve their goal of assisting all Americans in achieving greater financial security.
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