Argyle, which desires to assist corporations and establishments get entry to employment information, has laid off quite a lot of workers throughout all departments, Fintech has realized from sources. A spokesperson for the corporate confirmed the workforce discount to Fintech, saying that it let go of 6.5% of the staff, or 20 individuals.
The determine offered by Argyle doesn’t symbolize contractors that might have been impacted by the layoff. A spokesperson declined to supply additional particulars on the variety of contractors impacted, if any, or what severance was offered to workers, if any.
“Argyle’s continued transfer upmarket, concentrating on enterprises as an alternative of SMBs, requires a particular talent set and the corporate did make an adjustment to its staff immediately,” the spokesperson wrote over electronic mail.” The identical spokesperson stated that the corporate remains to be on observe to double its workforce by the top of the 12 months, hiring for greater than 30 open positions. Whereas the spokesperson didn’t say it outright, the assertion implies that it let go of individuals with extra SMB expertise and want to rent extra enterprise-focused of us.
The startup raised a $20 million Sequence A in October 2020, then disclosing that it processed 10 million person employment information per 30 days. CEO and co-founder Shmulik Fishman stated he wished to disrupt the method during which establishments purchase information from third events and as an alternative deliver person consent into the combo. The objective is to offer workers extra possession over their knowledge and make the entire course of extra clear. Fishman hinted at a love for Plaid in an interview that very same month, even crediting the startup’s identify as a nod at different profitable fintechs branded round patterns.
Sarcastically, although, Plaid has rapidly gone from buddy to foe. Months after Argyle landed Sequence A funding, Plaid introduced the launch of earnings verification providers.
This 12 months, Argyle introduced a $55 million Sequence B funding spherical and the launch of a self-service software so that customers can entry their employment information with ease. The corporate then claimed it has skilled “10x development” in comparison with its prior spherical. As of final confirmed, Argyle serves over 500,000 U.S. employers, together with 60% of the Fortune 500 and “near 100% of gig staff.”
In its early days, Argyle advised FinLedger that its largest buyer phase have been corporations centered on credit score extension corresponding to monetary establishments, publicly traded banks, credit score unions, insurance coverage suppliers and any firm that gives “credit score extension in all shapes, types and sizes.”