Layoffs at Caribou
Summary
Based on information obtained by Coverager, fintech startup Caribou has made cuts during late August and October. Based on LinkedIn data, the companys employee count went from 407 in July to 361 in December.Founded in 2016, Caribou, formerly MotoRefi, allows consumers to refinance their existing car loans. The startup, which also offers an insurance comparison service through a partnership with Bindable, is struggling on several fronts.Like many middlemen, Caribou is currently dealing with product challenges as some lenders have put restrictions in place. For starters, the volume Credit Karma generates for Caribou isnt enough now that it achieved a unicorn status. Since volume wont solve this problem, Caribou is looking to increase revenue per user, which is why the insurance offering was launched.