Gabriel Budi Sutrisno · · 1 min readID wealthtech startup Pluang axes 10% of staff
Pluang co-founders Richard Chua (left) and Claudia Kolonas / Photo credit: Pluang
Pluang, an Indonesia-headquartered wealthtech platform, has trimmed 10% of its workforce across Indonesia, Singapore, and India.
According to the company, the layoffs are part of its efforts to “safeguard” sustainable growth and performance.
“Pluang is not immune to the uncertain macroeconomic conditions. High inflation rates and decreased purchasing power have a negative impact on the market and result in lower demand for investment products,” the firm shared in a statement.
Claudia Kolonas, co-founder of Pluang, said that affected employees will receive compensation according to local regulations and extended insurance coverage for themselves and their families.
Founded in 2019 by Kolonas alongside Iwan Tjam and Richard Chua, Pluang enables users to invest in gold, crypto, mutual funds, and index futures of US stocks. The company said that it currently has over 10 million registered users.
The investment app last raised capital in January 2022, with a US$55 million series B round led by Accel.
See also: Indonesia’s Robinhoods face biggest test as market slows: retaining users
Editing by Miguel Cordon and Lorenzo Kyle Subido
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