According to an internal memo obtained by TechCrunch, Chime co-founder Chris Britt described that the move was one of many that would help the company thrive “regardless of market conditions.” In the memo, Britt said that he and co-founder Ryan King are re-calibrating marketing spend, decreasing the number of contractors, adjusting workspace needs and renegotiating vendor contractors.
Sure enough, the co-founder added that the startup is “well-capitalized” but the financial market uncertainty was a factor in these changes.
A spokesperson for Chime reiterated this perspective, adding over email that “as we look at current market dynamics, we are adjusting our organization to be fully aligned with our company priorities. As a result, we are eliminating some positions, while still hiring to select others.” The spokesperson did not immediately respond to other questions regarding severance details, the impact on C-level executives and salaries, as well as the profitability of the company.
Digital bank Chime is cutting costs across the board – including 12% of staff by Natasha Mascarenhas originally published on TechCrunch