Fintech MainStreet cuts about 30% of staff, citing ‘incredibly rough market’

- Advertisement -


the main streeta startup that helps other startups disclose tax breaks that have been valued at $500 million fired about 30% of its staff last year, according to tweet from CEO Doug Ludlow.

- Advertisement -

In the tweet, Ludlow said MainStreet “took the difficult step of reorganizing and restructuring the company this week.” He did not say whether these cuts affected all teams in the company or whether any executives were fired. He also did not specify exactly how many employees will be affected by the move.

- Advertisement -

Ludlow added: “We did not take this decision lightly and we are doing everything in our power to provide as much transitional assistance as possible (severance pay, medical care, employment and employment assistance)… We have taken this action because We believe there is a very strong possibility that today’s incredibly complex diamond market will only get worse and potentially remain so for months, if not years.”

TechCrunch contacted the San Jose, California-based company for more information.

- Advertisement -

The startup has built a business by helping startups disclose research and development tax credits, of which it receives a 20% cut. In 2020, MainStreet passed the $1 million ARR execution speed threshold and helped the average MainStreet customer save $51,000. according to a previous TechCrunch report. In 2021, MainStreet’s revenue exceeded $15 million. for the industry newsletter Not Boring. It’s unclear what those numbers look like today, but Ludlow’s tone suggests there are growing challenges ahead.

“We believe there is a very strong possibility that today’s incredibly complex diamond market will only get worse and potentially remain so for months, if not years,” Ludlow continued on his Twitter thread. There has been a string of layoffs recently, including Cameo cuts 87 members of his team and Amazon aggregator Thrasio confirms that he has begun laying off part of the company. Robinhood, the consumer investment and savings company, also announced a 9% reduction in its workforce, approximately 300 people.

MainStreet is backed by investors such as SignalFire, Tusk Ventures, Shrug, Moxxie Ventures, Weekend Fund, Gradient Ventures, Sound, and SV Angels. According to Crunchbasethe company has raised $64.7 million in well-known venture capital to date.

Mary Ann’s weekly fintech newsletter, The Interchange, was recently launched. here to receive it in your mailbox.




Credit: techcrunch.com /

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox