Treasure Financial has laid off 14 employees, the fintech startup confirmed to TechCrunch today.

The layoffs took place in December. The move affected some 60% to 70% of the company, according to multiple sources familiar with internal operations.

Sam Strasser, founder and CEO of Treasure Financial, told TechCrunch that “a need to streamline our operations and align our workforce with our current strategic goals and financial realities” drove the decision.

“Market conditions and organizational challenges aside, financial stewardship necessitated this unfortunate but necessary action,” he added.

Strasser did not yet confirm what percentage of employees were laid off, but did say Treasure offered severance packages to affected workers, as well as extended health benefits, and is helping them find new employment opportunities through a partnership at HuntClub.

San Francisco-based Treasure Financial offers cash management software for businesses and is a registered investment advisor (RIA). Just last July, the startup raised $7.5 million in a funding round led by Ventura Capital, a previous investor in the firm. Existing backer PayPal co-founder Peter Thiel also participated in the financing, along with other unnamed investors. It had previously raised $7 million in funding.

Last August, RIAIntel reported that Treasure Financial had seen “explosive growth…in the wake of 2023’s banking crisis and the Fed’s recent interest rate hikes.” The publication also reported that Treasure had more than doubled the clients it served to about 300 since the beginning of the year, and that it had almost doubled its assets under management over the same period, to roughly $500 million.

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Source @TechCrunch