GoCardless Reduces Workforce by 20% in Push for Profitability

GoCardless, the UK-based fintech, is cutting 20% of its workforce—approximately 164 jobs—as part of a strategic effort to achieve profitability within the next two years. The move follows a significant reduction in net losses, which halved to £35.1 million for the year ending June, down from £78 million in the previous period.

The layoffs, coupled with the outsourcing of back-office roles, are expected to reduce employee costs by £11.7 million and operating losses by £43.6 million. This decision comes just months after the company cut 17% of its global workforce in June 2023.

In September, GoCardless completed the acquisition of Nuapay, enabling its clients to both send and collect payments through its platform. The deal is anticipated to open new opportunities in sectors such as payroll, financial services, utilities, insurance, gaming, and gambling.

Backed by Alphabet’s GV, Accel, and BlackRock, GoCardless was last valued at $2.1 billion in February 2022. The company remains focused on streamlining operations and expanding its market reach to drive long-term growth.