Parent company of SingSaver and Seedly axes 80 jobs to cut costs

SINGAPORE: Singapore Fintech company, MoneyHero Group, known for its platforms Seedly and SingSaver, has laid off 80 employees in a bid to cut costs, according to The Business Times. The company has over 300 employees across five markets, including Singapore.

In an email sent to a staff on Wednesday evening, July 24, CEO Rohith Murthy said that the decision was “unfortunate but necessary.”

Fintech Singapore reported that despite the reductions, Mr Murthy reassured employees that the company remains in a growth phase, pointing to its strong market position and strong financials.

In light of these changes, MoneyHero plans to focus on investments in technology, particularly in artificial intelligence and automation. The company also aims to streamline its operations to boost efficiency.

The layoffs follow MoneyHero’s stock struggles since its Nasdaq listing in October 2023 and come after two rounds of job cuts in 2022.

Though the company has not specified the exact locations of the affected employees, it has assured departing employees of comprehensive support.

This support package includes garden leave or an ex-gratia payment, insurance coverage until December 2024, outplacement assistance, professional and mental health counselling, recommendation letters, and a laptop.

In June, Jirnexu, the parent company of RinggitPlus, announced it would acquire CompareHero, MoneyHero’s Malaysian arm. The acquisition is expected to finalise in early July 2024. /TISG

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