Half of all fintech companies had to suspend hiring in 2023 due to an increasingly turbulent economic environment and funding crisis.
In the first half of 2022, more than 4,000 fintech workers lost their jobs at 45 companies, from mortgage lenders to companies that process digital payments.
Large and medium-sized fintech companies are most likely to scale back compared to smaller market players. Additionally, the data shows that large companies are almost twice as likely as medium-sized companies to close offices and stores, cut software licenses and jobs.
On the contrary, smaller companies are most likely to participate, focused on delivering successful outcomes for their clients in the event of an economic downturn.
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