Fintech firm Roofstock lays off 27% of staff in 2nd round of job cuts

San Francisco |Friday, 2023 1:15:09 AM IST
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US-based financial technology company Roofstock has laid off about 27 per cent of its workforce in its second round of job cuts.

According to the company's website, it has 400+ employees, but it is unknown if that figure is current, reports TechCrunch. Earlier, the company had laid off about 20 per cent of its workforce.

"Today's reduction in force (RIF) was in response to the challenging macro environment and the negative impact it is having on Roofstock's business," Co-founder and CEO Gary Beasley was quoted as saying.

He also stated that the company did not expect to have to lay off more employees so soon, but that it needed to "right size" in order to "reduce cash burn rate" and ensure "adequate capital runway until the market eventually turns".

Roofstock allows users to buy and sell rental homes in dozens of markets across the US, the report mentioned.

The company's premise is that both institutional and retail investors can buy and sell homes without forcing renters to leave.

Meanwhile, US-based e-commerce marketing automation platform Klaviyo has laid off nearly 10 per cent of its workforce.

About 140 employees across all teams, including engineering and design, have been affected, TechCrunch said, citing sources.

--IANS shs/arm

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2023-03-23-19:20:06 (IANS)