Oakland, California-based Marqeta, a financial technology company offering a payment card issuing platform to help third parties like Square, Affirm, DoorDash, Kabbage, and Instacart build and offer card services to their customers, has announced a reduction in force.
The reduction will impact 15% of the company's workforce or approximately 150 employees.
The decision was driven by a cost-cutting initiative designed to return the company to profitability.
According to a company statement, "The reduction in headcount is part of the current management team’s broader prioritization of organizational efficiency in order to put our company on a sustainable long-term path to profitability. The cuts will take place in the next few weeks.
“As we expand our business and mature as a public company, we may find it difficult to maintain our corporate culture while managing this growth as our employees and other service providers increasingly work from geographic areas across the globe."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?