{"id":598677,"date":"2023-01-18T06:49:57","date_gmt":"2023-01-18T12:49:57","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/18\/uk-fintech-payments-unicorn-cuts-back-as-covid-19-boost-wears-off\/"},"modified":"2023-01-18T06:49:57","modified_gmt":"2023-01-18T12:49:57","slug":"uk-fintech-payments-unicorn-cuts-back-as-covid-19-boost-wears-off","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/18\/uk-fintech-payments-unicorn-cuts-back-as-covid-19-boost-wears-off\/","title":{"rendered":"UK fintech payments unicorn cuts back as Covid-19 boost wears off"},"content":{"rendered":"<div id=\"content-header\">\n<h2>Payments infrastructure firm Paddle downsizes as Covid-19-generated business boost runs out of steam<\/h2>\n<\/div>\n<div id=\"content-center\">\n<ul>\n<li><i data-icon=\"1\"><\/i><\/li>\n<li><i data-icon=\"2\"><\/i><\/li>\n<\/ul>\n<div id=\"contributors-block\">\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"Karl Flinders\">\n\t\t\t\t\t<\/p>\n<p><span>By<\/span><\/p>\n<ul>\n<li>\n\t\t\t\t\t<a href=\"https:\/\/www.techtarget.com\/contributor\/Karl-Flinders\">Karl Flinders,<\/a><br \/>\n\t\t\t\t\t\t<span>Chief reporter and senior editor EMEA<\/span>\n\t\t\t\t\t\t<\/li>\n<\/ul>\n<p>\n\tPublished: <span>17 Jan 2023 14:32<\/span>\n<\/p>\n<\/div>\n<section id=\"content-body\">\n<p>UK payments infrastructure financial technology firm Paddle is reducing its workforce of over 350 by 8% after a boost to its business during the Covid-19 pandemic comes to an end.<\/p>\n<p>The company, which provides payments infrastructure to software-as-a-service providers, said it experienced \u201cincredible levels of growth\u201d during the pandemic when people and businesses began working remotely and digitally. But it said this boost to business has been replaced by new challenges, which are having the opposite effect.<\/p>\n<p>Paddle founder and CEO Christian Owens said in a memo: \u201cDuring Covid-19, we were the beneficiaries of the <a href=\"https:\/\/www.computerweekly.com\/news\/252485119\/Two-thirds-of-UK-adults-to-work-remotely-more-often-after-Covid-19\">world shifting to a more remote and digital way of working<\/a>. Many software companies moved to Paddle, including those who had never sold globally before, and the software companies we already worked with saw incredible levels of growth as the world adopted their products.\u201d<\/p>\n<p>The company saw transaction volumes increase more than three-and-a-half times during the period.<\/p>\n<p>But Owens said the world has now changed, with high inflation and interest rates and investors holding back investments in fintech. He acknowledged the mistake of \u201cassuming that the growth our customers saw during Covid-19 was a signal of fundamental change and that growth would be sustained largely in perpetuity\u201d.<\/p>\n<p>\u201cThis week has been a tough one at Paddle, as we said goodbye to 8% of our team,\u201d said Owens. \u201cSome incredibly talented folks are leaving the business this week, and I\u2019d encourage you to hire any of them.\u201d<\/p>\n<p>During the Covid-19 pandemic, the fintech sector saw accelerated take-up of digital services to enable people to work and carry out everyday tasks digitally. This boosted the take-up of cloud-based services, as well as fintech, by businesses and consumers.<\/p>\n<p>Separately, US fintech firm LendingClub this week <a href=\"https:\/\/www.computerweekly.com\/news\/252529243\/Fintech-makes-job-cuts-to-workforce-amid-falling-demand\">cut its workforce by 14%<\/a> as high interest rates stifle demand for its lending services.<\/p>\n<\/section>\n<section id=\"DigDeeperSplash\">\n<h4>\n\t\t\t<i data-icon=\"m\"><\/i>Read more on IT for financial services<\/h4>\n<ul>\n<li><a id=\"DigDeeperItem-1\" href=\"https:\/\/www.computerweekly.com\/news\/252521379\/Tech-startups-raise-more-than-12bn-in-2022-to-date\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero Images\/time-money-bank-adobe_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/time-money-bank-adobe_searchsitetablet_520X173.jpg 960w,https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/time-money-bank-adobe.jpg 1280w\" alt ><\/p>\n<h5>Tech startups raise more than \u00a312bn in 2022 to date<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Sebastian-Klovig-Skelton-CW-contributor.jpg\" alt=\"SebastianKlovig Skelton\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Sebastian\u00a0Klovig Skelton<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<li><a id=\"DigDeeperItem-2\" href=\"https:\/\/www.computerweekly.com\/news\/252513093\/UK-fintech-investment-sees-sevenfold-increase-in-a-year\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero Images\/money-sterling-notes-pounds-getty_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/money-sterling-notes-pounds-getty_searchsitetablet_520X173.jpg 960w,https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/money-sterling-notes-pounds-getty.jpg 1280w\" alt ><\/p>\n<h5>UK fintech investment sees sevenfold increase in a year<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"KarlFlinders\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Karl\u00a0Flinders<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<li><a id=\"DigDeeperItem-3\" href=\"https:\/\/www.computerweekly.com\/news\/252512223\/Zopa-bank-hits-1bn-deposits-in-just-18-months\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero Images\/banking-finance-growth-2-adobe_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/banking-finance-growth-2-adobe_searchsitetablet_520X173.jpg 960w,https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/banking-finance-growth-2-adobe.jpeg 1280w\" alt ><\/p>\n<h5>Zopa Bank hits \u00a31bn deposits in just 18 months<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"KarlFlinders\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Karl\u00a0Flinders<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<li><a id=\"DigDeeperItem-4\" href=\"https:\/\/www.computerweekly.com\/news\/252510564\/Fintech-boss-fires-900-staff-on-one-Zoom-call\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero Images\/social-network-connections-people-adobe_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/social-network-connections-people-adobe_searchsitetablet_520X173.jpg 960w,https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/social-network-connections-people-adobe.jpeg 1280w\" alt ><\/p>\n<h5>Fintech boss fires 900 staff on one Zoom call<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"KarlFlinders\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Karl\u00a0Flinders<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<\/ul>\n<\/section>\n<\/div>\n<p><a href=\"https:\/\/www.computerweekly.com\/news\/252529251\/UK-fintech-payments-unicorn-cuts-back-as-Covid-19-boost-wears-off\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Lawanda Volkman<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Payments infrastructure firm Paddle downsizes as Covid-19-generated business boost runs out of steam By Karl Flinders, Chief reporter and senior editor EMEA Published: 17 Jan 2023 14:32 UK payments infrastructure financial technology firm Paddle is reducing its workforce of over 350 by 8% after a boost to its business during the Covid-19 pandemic comes to<\/p>\n","protected":false},"author":1,"featured_media":598678,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29934,4857,46],"tags":[],"class_list":{"0":"post-598677","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-fintech","8":"category-payments","9":"category-technology"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/598677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=598677"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/598677\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/598678"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=598677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=598677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=598677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}