Singapore-based fintech company Money Hero Group The company is cutting 80 jobs as part of a cost-cutting and restructuring effort. Business Times I learned.
Money Hero, which runs popular platforms Seedly and SingSaver, said the job cuts were the result of a strategic restructuring aimed at improving its long-term financial health and profitability.
In an email to employees, Chief Executive Rohit Murthy said the decision was “unfortunate but necessary” and stressed it was not performance-based.
Citing the company’s strong market position and solid financial position, he reassured employees that Money Hero remains in a growth phase.
The company plans to streamline operations to increase efficiency while prioritizing investments in technologies such as AI and automation.
The latest round of job cuts comes as Money Hero’s share price has been sluggish since its Nasdaq listing in October 2023, and the company has made two previous job cuts in 2022.
The company has not yet disclosed the specific locations of the affected employees but has promised comprehensive assistance to those affected.
This includes garden leave or a pension, insurance coverage until December 2024, specialist mental health counselling, employment re-employment assistance, letters of recommendation and a laptop.
In June this year, Jirnexu, the parent company of RinggitPlus, Announced Acquisition of MoneyHero’s Malaysian subsidiary, CompareHero.
The transaction is expected to close in early July 2024, and will see MoneyHero retain its stake in Jirnexu while focusing on its core markets.
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