Singapore-based FinTech GoBear is having a year of ups and downs, having raised a $17m round in May and it now announcing that it has axed roughly 11% of its workforce.
Of the 200 employees working across the company’s offices in Singapore, Vietnam, Ukraine and the Philippines, the company is letting 22 staff members go.
The redundancies comes as the company is facing several challenges due to the ongoing pandemic, Business Times reported.
The company raised $80m in a funding round in May 2019.
The company joins an ever-growing list of FinTech ventures that have been forced to make staff redundant due to the ongoing health crisis.
The list includes companies like UK challenger bank Monzo and receipt management app Sensibill.
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