Indonesian unicorn eFishery and Singapore’s MoneyHero Group let go staff this week. The aquatech startup did not disclose details regarding the decision while MoneyHero reportedly laid off 80 people.
Indonesia’s eFishery lays off staff
Indonesian aquatech firm eFishery has let go of an undisclosed number of employees as the firm undergoes “structural adjustments”, according to a statement on Friday.
“eFishery today announced an organisational adjustment that impacts some employees,” the statement said. “This decision was taken with great consideration based on the company’s restructuring and changes in business strategy, and eFishery understands the impact this will have on individuals.”
The aquatech unicorn did not give details about changes nor the number of people affected by the decision. The firm said details will be informed later.
eFishery, according to the statement, will help the impacted employees find a new job, provide counselling, and other support to ease such transition.
According to eFishery’s past press release, the firm had planned to increase its headcount to 2,000 people by 2022 following a $90 million Series C funding. The firm recently secured a $30 million green and social loan from HSBC Indonesia for its expansion plans.
Singapore’s MoneyHero Group trims workforce to cut costs
MoneyHero Group, a Singapore- and Hong Kong-based fintech firm backed by billionaire Richard Li, laid off 80 employees to reduce expenses, The Business Times reported on Friday.
The publication cited an e-mail to staff this week with CEO Rohith Murthy describing the decision to downsize the “enterprise-wide team” as “unfortunate but necessary” to enhance MoneyHero’s long-term financial health and profitability.
Despite the layoff, Murthy said the company still has “a strong leadership team, dominant market share, a proven strategy, strong cash position and powerful access to capital that no other peer can match”.
According to the firm’s website, MoneyHero employs over 330 people across four markets in Asia-Pacific.
DealStreetAsia has reached out to MoneyHero for comments.
MoneyHero appointed Murthy as its new CEO in February this year and named Hao Qian as the company’s new chief financial officer (CFO) in May to oversee the company’s financial systems and teams.
