Fintech Firm Ayoconnect cuts 10% workforce
To pursue profitable and self-sustaining business lines, Fintech firm Ayoconnect reduced its workforce by 10%. Ayoconnect didn’t disclose the number of employees impacted. However, the official website states the firm has about 200 employees.
Jakob Rost, who previously worked as a managing director for Lazada, Chiragh Kirpalani, and Adi Vora, formed Ayoconnect in 2016. The fintech startup offers full-stack payment API solutions for businesses, with main offerings including direct debit, virtual cards, instant transfers, and digital products. It’s said to have more than 200 clients across Southeast Asia. The firm has raised a total of US$43 million in funding.
Ayoconnect has faced challenges recently due to the evolving market landscape and increased competition. The firm did not decide to cut jobs quickly, but it considered it necessary to align the organization with its long-term goals and ensure financial sustainability.
The firm recognizes its workforce’s valuable skills and expertise and is committed to helping them navigate through this period of change. They notified the affected employees and provided support during the transition by offering appropriate severance pay, continued medical insurance for the employee’s entire family for six months, and an outplacement program to help them explore new opportunities.
With a more focused organization, fintech firm Ayoconnect is confident in its ability to deliver innovative financial solutions and achieve its long-term goals. The company remains committed to providing exceptional services to its customers and driving the advancement of digital financial solutions in the market.
