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Checkout.com Will Eliminate About 5% of Employees in Latest Cuts

(Bloomberg) -- Checkout.com is eliminating 5% of its staff, the latest in a series of job cuts that’s swept technology companies this year as investors pull back on funding.

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The company confirmed that it was reducing its workforce by about 100 people in a statement in response to Bloomberg questions on Tuesday.

“This decision did not come lightly, but will allow us to focus on the strategic priorities against our mission,” a company spokesperson said in the statement.

A wave of layoffs is hitting technology startups that rely on funding from increasingly cautious investors. Publicly announced job cuts jumped to 37,000 in the second quarter from under 3,000 a year ago, according to Layoffs.fyi, which collects data on jobs in the tech industry. Buy-now-pay-later giant Klarna Bank AB said in May it would trim about 10% of its workforce and in July announced a “down round” that cut its valuation to $6.7 billion from $45.6 billion.

Read More: Startups That Grew Fast Learn Shrinking Can Be Just as Tough

Checkout.com separately fired several employees earlier this year due to harassment complaints that arose from an off-site trip to Cyprus, Bloomberg News reported on Monday.

Checkout.com was last valued at $40 billion in January after raising $1 billion from investors including Tiger Global Management and the Qatar Investment Authority. At the start of the year, the company said it employed more than 1,700 people in 19 countries.

It processes payments for companies such as Pizza Hut Inc. and Farfetch Ltd., according to its website. In recent years it also made a significant push into working with cryptocurrency companies such as Coinbase Global Inc. and Binance.

Read More: Checkout.com Fires Staff Over Harassment Claims From Cyprus Trip

Fintech and cryptocurrency transactions accounted for more than half of the company’s payments volume, its chief financial officer told the Wall Street Journal in January. Many crypto trading platforms have seen transactions drop amid a broader downturn in valuations for the digital currencies.

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