Checkout.com to lay off nearly 5% of workforce

Checkout.com, a digital payments platform, will lay off 5% of its workforce, the company announced.

The London-based company will lay off approximately 100 people, it said in a statement. The cuts, first reported by Bloomberg, come at a time when many tech companies are slashing budgets and shrinking staff. 

The layoffs will allow the company to focus on “strategic priorities,” a Checkout.com spokesperson told The Block. The company was valued at $40 billion in January.

“Like many companies across sectors, we made the difficult decision to reduce Checkout.com’s workforce by shy of five per cent (around 100 people). This decision did not come lightly, but will allow us to focus on the strategic priorities against our mission – to enable businesses and their communities to thrive in the digital economy," a company spokesperson said. 

The company has doubled down on crypto this year despite the bear market. Last month, Checkout.com was eyeing a new product that would facilitate pay-outs in crypto, and another that would allow online merchants to accept crypto payments. It launched a new stablecoin settlement product in June. Checkout.com clients include Blockchain.com, NFT marketplace Tokapi and digital assets wallet Coinhako, according to its website.