Bluevine, a veteran financial technology company, is laying off 100 employees, including 30 in Israel. This is the second wave of layoffs in six months and totals approximately 18% of the company’s workforce. Dozens of employees were laid off during the previous wave of layoffs in June.
Before this current wave, the company employed 550 people.
Bluevine, founded in 2013, offers an all-in-one digital banking platform designed specifically for small businesses. The company is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, ION Crossover Partners, SVB Capital, Nationwide Insurance and M12 (Microsoft’s Venture Arm).
The company said: “In order to adapt to changes in the global market and continue to execute the company’s long-term strategy in an effective manner aligned with our objectives, it was decided to divest ‘approximately 18% of the company’s global workforce. This move is part of the continued growth of our small business banking platform, with the aim of ensuring its success for many years to come. As part of Bluevine’s commitment to its employees, we will help those affected find new employment and support them during this time. transition Israel, which serves as the company’s primary R&D center, will continue to drive innovation, ensuring that Bluevine remains a strong, growing and financially stable global leader in its field. »