A New York fintech founded by a financial sponsor banker is cutting 50% of its staff

Life as a financial sponsor banker has not been easy in recent years. Luckily, Anthony Santomo, a former junior banker financial sponsor at Macquarie in New York, got out in 2017, before things got too complicated. Santomo instead started his own business focused on consumer fintech. Now, he might want to deal with sponsors again.

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A archiving with the New York State Department of Labor says Santomo’s fintech, Ampla Technologies, will cut 31 of its 62 employees by mid-June. They are headquartered at Ampla’s office at 1239 Broadway.

This is a big change from a year ago, when Santomo celebrated 100 “Employees,” of which nearly 40 had presumably already left. Once the process is complete, headcount will presumably decrease by 70%. The company’s website celebrates a quadrupling of employees in the “past twelve months” and says there are “hires across the company.”

While Ampla’s website seems a little out of step with the times, the cuts may not come as a surprise to those in the know. The information reported recently that Ampla was trying to find a buyer after failing to raise money in a new equity round.

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