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Spenmo, a Singapore-based fintech firm, will lay off around 60 to 70 employees across its Asia-Pacific markets.
While the company did not disclose its total headcount prior to the move, Tech in Asia estimates this will impact about 25% of Spenmo staff.
The job cuts are part of Spenmo’s efforts to focus on “profitable growth,” acting CEO Jo-Ann Chung said in an email interview with Tech in Asia.
Chung, who took on the role in July following the resignation of Justin Cho, said staff across Spenmo’s entire business operations will be affected.
Besides retrenchment benefits and career transition support, laid-off employees will also be granted pro-rata entitlements to their stock options.
In late 2022, Spenmo reportedly conducted its first round of layoffs in a bid to extend its runway amid the market downturn.
Founded in 2019, Spenmo offers an all-in-one platform that allows companies to track when, where, and how their money is spent. In February 2022, the company raised US$85.5 million in its series B round, which was led by Tiger Global Management.
Spenmo was mired in controversy earlier this year. Its Indonesia arm was rumored to have embezzled roughly US$895,000, which was set aside for acquisition deals. Former Spenmo chief product officer Andika Prasetya had denied the rumors to Tech in Asia Indonesia.
Shortly after this incident, Spenmo named Cho as CEO, but he left the company a month later due to “personal reasons.”
See also: The key players in Singapore’s thriving fintech space (update)
Editing by Thu Huong Le and Eileen C. Ang
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