Fintech startup SynapseFI cut a significant number of employees from its workforce this week, Business Insider has learned.
After the layoffs, Synapse CEO Sankaet Pathak sent out an email to the startup's customers to inform them that "a number of employees" had been let go from the company, as a part of the broader changes that he was making to strengthen the company and expand its customer base as the coronavirus continues to wreak havoc on the economy. Pathak later made that email available to Business Insider.
The layoffs could shrink Synapse's current workforce of roughly 120 significantly. One text message reviewed by Business Insider said that 63 employees — more than half of the company — were affected. Another screenshot of a Slack message indicated that the layoffs were announced at an all-hands meeting.
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