Treasure Financial has laid off 14 employees, the fintech startup confirmed to TechCrunch today.
The layoffs took place in December. The move affected about 60% to 70% of the company, according to multiple sources familiar with the internal operations.
Sam Strasser, founder and CEO of Treasure Financial, told TechCrunch that “the need to streamline our operations and align our workforce with our current strategic goals and financial realities” led to the decision.
“In addition to market conditions and organizational challenges, financial management necessitated this unfortunate but necessary action,” he added.
Strasser would not yet confirm the percentage of workers laid off, but said Treasure offered affected workers severance packages as well as extended health benefits and is helping them find new employment opportunities through a partnership with HuntClub.
San Francisco-based Treasure Financial offers cash management software for businesses and is a registered investment advisor (RIA). Just last July, the startup raised $7.5 million in a funding round led by Ventura Capital, a previous investor in the company. Existing PayPal backer co-founder Peter Thiel also participated in the funding, along with other unnamed investors. It previously raised $7 million in funding.
Last August, RIAIntel mentionted that Treasure Financial had seen “explosive growth…in the wake of the 2023 banking crisis and recent Fed rate hikes.” The publication also said that Treasure had more than doubled the clients it served to about 300 since the start of the year and that it had nearly doubled its assets under management over the same period, to about $500 million.
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