peekpublishersThe February edition of Banking Technology Magazine discusses the recent mass layoff announcements in the banking and fintech industry. Both established banks and challenger companies have announced workforce reductions, such as Citigroup and Brex. Additionally, several tech firms have closed down, including UK-based Paysme, Kikapay, and Twig.
In Ireland, PFS Card Services Ireland Ltd is being liquidated due to being “no longer commercially viable and sustainable”. In India, buy now, pay later startup ZestMoney has been sold to DMI Group after facing collapse. The potential buyer, PhonePe, abandoned the deal after due diligence checks, and all three founders of ZestMoney left the company.
These closures and layoffs highlight the challenges faced by the fintech sector, especially in light of the COVID-19 pandemic. However, the magazine also emphasizes the importance of staying up to date with the latest news and success stories in the industry.
