Fintech
Plaid Alumni Hire at Coinbase to Save Laid-Off Fintech Engineers
Despite all the positive steps fintech has taken in 2024, there have been numerous setbacks in the form of major layoffs. The multi-product fintech Brex, for example, in January it cut about 282 employees. However, one startup let Brex’s loss become its gain.
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Stytch, a startup focused on Identity Access Managementwas founded in 2020 by a famously successful engineer and product manager well paid payment company Plaid. Stytch has about 70 employees and was previously valued at $1 billion, although in 2021.
Four ‘BrexlingI joined Stytch in March. They include Brandon Gier, who has been vocal about being part of the layoffs and has posted a advice guide for employees in similar positions. Gier also noted this in his next roleWould be looking for an actively hiring company, with an opportunity to provide leadership.
Stytch’s other Brexlings didn’t say they were part of the layoffs, but they all left in January. They included two senior software engineers and a solutions engineer, the latter of whom had been there for just nine months. Stytch also hired Nidal Fakhouri, a remote work iOS engineer who announced he is part of Spotify’s layoffs earlier this year.
Stytch generally hires. This month added Colleen Stock, an engineering manager at Monetary base that was working on infrastructure, Coinbase CEO Bryan Armstrong previously said must invest more.
The San Francisco Business Times reported that Stytch has been carrying out layoffs on its own initiative in February 2023, cutting 25% of their staff. An engineer via Glassdoor says he was let go via email and that “no one from management or leadership reached out to him.” Other than that, people seem to enjoy working there; it has an impressive 4.8-star Glassdoor. Reviews from 2024 say the company has a very high level of talent, with a lot of autonomy given to them. The laid-off engineer also said, “The people at Stytch made my experience working there great.”
Stytch is currently recruiting for eight roles, five of which are experienced software engineers. Vacancies are in San Francisco, New York, or remote areas and can pay up to $225,000. They also strongly encourage users to apply via API if resume building isn’t your forte.
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