Bolt told employees Wednesday that the company would undergo “several structural changes” — in other words, layoffs — in an effort to secure its financial position.
The message from CEO Maju Kuruvilla also detailed plans for the layoffs, which will arrive as calendar invites titled “Bolt Restructuring” to individuals or groups affected. Those who are staying will receive an invite to a town hall meeting. It is unclear how many employees are affected.
The startup reportedly cut over 100 positions across its engineering, sales, marketing, and talent teams, according to a tracker posted online. Though the tracker's contents couldn't immediately be verified, it's increasingly common for laid-off employees to share details and contact information in an effort to help former colleagues find jobs.
This isn’t the first time the once high-flying startup has run into trouble. In March, Authentic Brands Group sued Bolt for breach of contract, alleging that the tech provider failed to deliver on promised features and integrations, resulting in only two of its units, Forever 21 and Lucky Brand, being able to use Bolt’s software.
Several other fintech companies have also laid off employees recently as they brace for the consequences of an economic downturn. On Monday, “buy now, pay later” firm Klarna told its employees through a prerecorded video call that it was laying off 10% of its workforce. Robinhood laid off 9% of its workforce last month.
Bigger companies are feeling the heat as well. Coinbase management seemed determined to carry out a pre-downturn plan to triple the size of its workforce this year, but after reporting weak first-quarter results, they backed down last week, imposing a short-term hiring freeze and making other cost cuts.
This article was updated to add the number of employees laid off.