Singapore-based fintech firm MoneyHero Group is cutting 80 jobs as part of a cost-saving and restructuring initiative, The Business Times has learned.
MoneyHero, which operates popular platforms Seedly and SingSaver, attributed the layoffs to a strategic realignment aimed at enhancing long-term financial health and profitability.
CEO Rohith Murthy emphasized in an email to staff that the decision was “unfortunate but necessary” and not performance-based.
He reassured employees that MoneyHero remains in growth mode, citing a strong market position and robust financials.
The company intends to prioritise investments in technology, including AI and automation, while streamlining operations for greater efficiency.
The layoffs come as MoneyHero’s stock has struggled since its Nasdaq listing in October 2023, and follows two previous rounds of job cuts in 2022.
The firm has not yet disclosed the specific locations of the affected employees, but assured comprehensive support for those impacted.
This includes garden leave or an ex-gratia payment, insurance coverage through December 2024, professional and mental health counseling, outplacement support, recommendation letters, and a laptop.
In June this year, RinggitPlus’ parent company Jirnexu, announced the acquisition of CompareHero, the Malaysian arm of MoneyHero.
This transaction, expected to close in early July 2024, will see MoneyHero retain an equity stake in Jirnexu as it focuses on core markets.
Featured image credit: Edited from Freepik
