EXCLUSIVE: Fintech startup PayJoy laid off 23 employees

🌎 San Francisco ∙ 👩 23 employees (25%) ∙ 🖥 All departments

PayJoy, a lending startup that enables customers without a bank account or credit history to buy smartphones on installment payments, laid off 23 employees (25%) on April 28. A company executive tells that the employees’ last day will be on June 30.

PayJoy told employees that despite a very strong Q1, the company expects a large and uncertain impact on its revenue and fundraising prospects for the next year due to COVID-19. The layoff was intended to extend its cash buffer to weather the economic fallout from the pandemic. PayJoy has raised $71 million in equity and debt financing from Greylock, Union Square Ventures, and others.

The company shared with a spreadsheet of 21 affected employees, including 12 in Engineering, that are open to being contacted about career opportunities (see link below 👇).

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