Techs pandemic hiring boom continues to bust as fintech Plaid adds to mounting layoffs
Summary
Zach Perret, CEO and co-founder of Plaid, speaks during the Silicon Slopes Tech Summit in Salt Lake City, Utah, U.S., on Jan. 31, 2020. CEO Zach Perret announced the layoffs in a memo sent to staff Wednesday morning, citing macroeconomic challenges throughout the past year. The company experienced a rapid increase in the use of its platform by both new and existing customers during the pandemic and hired aggressively to meet that consumer demand, Perret said. Plaids growth had led to a valuation over $13 billion in 2021, and before that, a deal announced by Visa to acquire the company, but that acquisition was abandoned after the Department of Justice sued to block it. In an email to CNBC, Plaid spokesperson Freya Petersen said teams across the company will be affected by the layoffs, though areas like recruiting may be more impacted due to reduced headcount goals going into 2023.
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