Wealthsimple Cuts 13% of Staff due to Market Volatility

Canadian digital wealth platform Wealthsimple is the latest fintech to trim its workforce, blaming "market volatility" for the decision to lay off 13% of its staff.

In a letter, the Toronto-based firm's CEO Michael Katchen revealed that it is letting go of 159 of its 1262 staffers.

Last year, Wealthsimple raised C$750 million at a C$5 billion valuation and the firm has been busy expanding its range of services beyond its core robo-advisor product, moving into areas such crypto and rolling out a P2P money transfer service.

Now, it is scaling back its efforts in some areas, including P2P payments, tax and merchant services.

The firm had already exited the UK and US markets, selling off its books to Betterment and Moneyfarm respectively.

Source: Finextra