Treasure Financial, a fintech startup, has recently announced that they have laid off 14 employees. This was confirmed by the company to TechCrunch just today.
The layoffs took place in December. The move affected some 60% to 70% of the company, according to multiple sources familiar with internal operations.
According to founder and CEO Sam Strasser, the decision to downsize was prompted by the company’s need to streamline their operations and align their workforce with their current strategic goals and financial realities.
“Market conditions and organizational challenges aside, financial stewardship necessitated this unfortunate but necessary action,” Strasser stated.
While the exact percentage of employees affected by the layoffs has not yet been confirmed, Strasser did mention that Treasure Financial offered severance packages and extended health benefits to those who were let go. Additionally, the company is working with HuntClub to help their former employees find new employment opportunities.
Based in San Francisco, Treasure Financial is a cash management software provider for businesses and is also a registered investment advisor (RIA). Last July, the startup received $7.5 million in funding from leading investors, including Ventura Capital (a previous investor) and PayPal co-founder Peter Thiel.
Last year, RIAIntel reported that Treasure Financial experienced significant growth due to the banking crisis in 2023 and recent interest rate hikes by the Federal Reserve. The publication also noted that the company’s client base has more than doubled since the beginning of the year, currently serving approximately 300 clients with assets under management totaling $500 million.
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