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Treasure Financial has lay off 14 employees , the fintech inauguration confirmed to TechCrunch today .
The layoffs took spot in December . The move affected some 60 % to 70 % of the party , according to multiple sources conversant with internal performance .
Sam Strasser , founding father and CEO of Treasure Financial , told TechCrunch that “ a need to streamline our operation and aline our workforce with our current strategic goals and financial reality ” aim the decision .
“ Market conditions and organisational challenges away , financial stewardship necessitated this inauspicious but necessary natural process , ” he total .
Strasser did not yet support what percentage of employee were put off , but did say gem offered severance computer software to strike proletarian , as well as extended health benefit , and is helping them find fresh employment opportunities through a partnership at HuntClub .
San Francisco - based Treasure Financial extend cash management software for businesses and is a register investment consultant ( RIA ) . Just last July , the inauguration raised $ 7.5 million in a funding round direct by Ventura Capital , a former investor in the house . survive backer PayPal co - founder Peter Thiel also enter in the funding , along with other unnamed investors . It had antecedently raised $ 7 million in funding .
Last August , RIAIntelreportedthat Treasure Financial had seen “ explosive growth … in the wake of 2023 ’s banking crisis and the Fed ’s late pastime rate salary increase . ” The publication also report that Treasure had more than doubled the customer it served to about 300 since the beginning of the year , and that it had almost doubled its assets under direction over the same full point , to roughly $ 500 million .
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