Singapore Fintech company, MoneyHero Group, known for its platforms Seedly and SingSaver, has laid off 80 employees in a bid to cut costs, according to The Business Times. The company has over 300 employees across five markets, including Singapore.
Fintech Singapore reported that despite the reductions, Mr Murthy reassured employees that the company remains in a growth phase, pointing to its strong market position and strong financials. The layoffs follow MoneyHero’s stock struggles since its Nasdaq listing in October 2023 and come afterThough the company has not specified the exact locations of the affected employees, it has assured departing employees of comprehensive support.This support package includes garden leave or an ex-gratia payment, insurance coverage until December 2024, outplacement assistance, professional and mental health counselling, recommendation letters, and a laptop.