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UK fintech unicorn GoCardless cuts 135 jobs in ‘cost reduction plan’

GoCardless jobs
GoCardless team photo. Image credit: GoCardless

London-based fintech company GoCardless will cut 15% of its workforce in a cost reduction measure that will affect around 135 jobs.

In a company blog post, GoCardless CEO Hiroki Takeuchi said that the “current economic environment” had left the company in a position where it needed to “reduce investment in initiatives with longer-term payback”.

“For those of you that will be leaving as part of this process – I want to say sorry that we are having to make these decisions and I take full responsibility for the decisions we made that led to this outcome,” Takeuchi wrote.

“I’m really sad that we have to say goodbye to so many talented GeeCees that have put their faith in us.”

In addition to the 135 jobs at GoCardless being cut, which was first reported by Sifted, the cost reduction plan will also see 15 staff from the UK relocated to Riga, Latvia. The layoffs will affect employees in the UK, US and Australia and New Zealand.

GoCardless has also closed 59 new or backfill open roles and will only recruit for positions “aligned to our top priorities”. The chief executive said the company would try to fill as many of these roles as possible with employees affected by the measures.

The fintech, which manages direct debit collection for merchants via an API, attained unicorn status just over a year ago, after a £230m funding round in February 2022 landed the company with a £1.55bn valuation.