Tel Aviv-Yafo, June 20: Bluevine, an fintech and banking service provider , announced that it would lay off 12% of its Israeli workforce to adjust priorities and respond to the changing market needs. The fintech company said it would continue providing banking services to small businesses in the United States and realised its long-term strategy. 

Bluevine layoffs will affect 12% of the employees working in Israel, which is about 20 people in the workforce. According to a report by CTECH, Bluevine said that from time to time, the companies would have to adjust their priorities and ensure optimal responses to the changing market needs. Schibsted Layoffs: Norwegian Online Classified Ads Group to Let Go of 250 Employees Amid Cost-Cutting and Restructuring Plan.

The fintech company said that the companies would need to ensure that they get long-term success. The Bluevine layoffs would be aligned with the company's business strategy and priorities. Bluevine said that the changes in the company included personnel adjustments such as transferring employees between departments and job eliminations. 

Bluevine said it regretted making such layoff decisions, which would cut 12% of the workforce in Israel. The company emphasised that "Israel remains and will continue to serve as Bluevine's R&D center." Bluevine said that it would actively recruit for open positions in Israel and would continue to be a leader in its financial services and banking field. Bluevine assured it would be financially stable and confident in its continued success. Meta Layoffs: Mark Zuckerberg Company To Lay Off Small Number of Employees, Plans to Divide Reality Labs Into Metaverse and Wearables.

Bluevine was founded in 2013 by Eyal Lifshitz and Nir Klar in Tel Aviv, Israel. Later, the fintech and banking company opened its first office in Silicon Valley, considered the tech capital of the United States. Bluevine offers an all-in-one platform for digital banking, including credit cards, business checking, business loans, and other fintech solutions. Bluevine is backed by leading market investors such as Citi Ventures, Menlo Ventures, Nationwide Insurance, Microsoft's Venture Arm - M12, Lightspeed Venture Partners, SVB Capital and others.

(The above story first appeared on LatestLY on Jun 20, 2024 06:27 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website