- Rising interest rates are hurting mortgage lenders and some stock trading platforms.
- Fintech companies like Robinhood and Better are reacting to the slowdown by cutting staff.
- Here’s the list of financial technology company layoffs so far.
America’s tech industry enjoyed an unprecedented boom during the pandemic when Americans turned to their phones like never before to do everything from shopping to online banking.
Financial technology startups that help consumers bank, trade or shop online were among the winners. But business is slowing as people increasingly return to their pre-pandemic lives.
Compounding the slowdown for fintechs are rising interest rates, which hurt demand for services like mortgage lending and stock trading.
Signs of distress are showing up in the form of layoffs, which have been popping up all over Silicon Valley businesses in the last few months, from no-fee trading app Robinhood to mortgage software provider Blend.
Here are some of the most notable examples so far: