Open Banking platform TrueLayer has announced that it will axe 10 per cent of its workforce.

The company’s chief executive Francesco Simoneschi said that despite making “great strides” over the past year, with significant growth in payment volumes and client base, the company has decided to reduce its headcount.

“You may understandably ask what has changed in the past twelve months,” he wrote in a letter to staff. “We are now operating in a very different context and more challenging market conditions.”

Simoneschi added that while the FinTech is in a position of strength, it has not been immune to broader factors.

The chief executive said that because the company’s focus is on achieving "profitability, monetisation, and sustainable growth", he has a responsibility to “give the company the maximum amount of time” to deliver its strategy amidst rising inflation.

Staff were informed of the decision on Thursday.

"As we’ve followed this process, we’ve carefully considered the roles that are going to be most important for us to succeed and have acted to mitigate the impact of today’s announcement as far as possible by looking at opportunities to consolidate and align between teams, as well as improving operational efficiency," said the company. "This process has not been limited to one team, but has taken a whole-organisation approach."

TrueLayer has designed an exit package, including salary to cover notice periods and an additional number of months based on period of service, three months’ of employer pension contributions, extended access to health insurance, and mental health support.

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