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Digital bank Chime cuts costs across the board

digital bank chimes confirmed today that it is laying off 12% of its workforce, or about 160 people.

According to an internal memo obtained by australiabusinessblog.com, Chime co-founder Chris Britt described the move as one of several that would help the company prosper “regardless of market conditions.” In the memo, Britt said he and co-founder Ryan King are recalibrating marketing spend, reducing the number of contractors, adjusting workspace needs and renegotiating contractors.

“The changes will help, but we also need to resize our organization as we increase our focus and pave our way to profitability,” Britt wrote in the memo. Chime was notoriously one of the first neobanks to achieve EBITDA profitability, a milestone it shared when it hit $14.5 billion two years ago. The last public valuation was $25 billion.

The co-founder added that the startup is “well capitalized”, but the uncertainty in the financial market played a part in these changes.

A Chime spokesperson reiterated this perspective, adding via email that “As we look at current market dynamics, we are adjusting our organization to be fully aligned with our business priorities. As a result, we are cutting some features, while still hiring people to select others.”

The company’s memo, along with the fact that Chime has paused its public debut plans, suggests that growth trends may have changed.

Since its inception in 2012, Chime has de a total of $2.3 billion in fundingaccording to Crunchbase.

The information first reported the news.

This is a story in development.

Shreya has been with australiabusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider australiabusinessblog.com, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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