Paying service Paddle, a company that offers services like subscription management, tax collection, and payment routing, has eliminated 8% of its workforce. An internal memo shared on LinkedIn by Paddle founder and CEO Christian Owens informed staff members that they were losing their jobs on Monday.
According to Paddle, it will provide departing employees with at least 13 weeks of full pay, six months of their current health plan, and financial support for career coaching. For those who haven’t hit the year mark, the FinTech will also waive the vesting period for stock options.
The London-based Paddle joins other tech companies, including major corporations like Amazon and Meta, that are reducing their employee counts.
Read More: Fintech startup Paddle cuts 8% of jobs