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September 14, 2022

Checkout.com plans 5% job cuts to focus on ‘priorities’

UK-based digital payments platform Checkout.com is shedding around 100 jobs, accounting for 5% of its workforce, reported Bloomberg citing a company spokesperson. 

The spokesperson said: “This decision did not come lightly, but will allow us to focus on the strategic priorities against our mission.”

Earlier this year, Checkout.com got rid of several employees owing to complaints of harassment, according to Bloomberg News.

Checkout.com is the latest in the series of companies announcing retrenchment amid insufficient funding by investors.

As per Layoffs.fyi, Publicly announced redundancies surged to 37,000 in the second quarter this year from 3,000 reported in the previous year.

In its Series D investment round held this year, Checkout.com was valued at $40bn.

The firm raised $1bn from Tiger Global Management, Qatar Investment Authority, Franklin Templeton, Altimeter, Insight Partners and GIC, among others.

The company reportedly roped in nearly 1,700 people across 19 countries, according to its statement earlier this year.

Checkout.com also forayed into the cryptocurrency space by working with companies including Coinbase Global and Binance.

In June last year, Checkout.com snapped up Estonia-based software development firm Icefire.

The takeover added 110 technology engineers to Checkout.com’s technology team to speed up the delivery of its key offerings.  

Checkout.com’s online platform streamlines payments processes for companies including Pizza Hut and Farfetch Ltd.

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