Summit, the fintech agency beforehand generally known as Spenmo, has laid off 24 workers out of its 64-person staff throughout Singapore, Indonesia and India.
The job cuts, which impacted employees throughout all departments, have been first reported by Tech in Asia and confirmed by a retrenched worker.
Workers have been notified of the layoffs by an inner electronic mail despatched on Wednesday.
Within the message, Summit’s government staff defined that the choice adopted a reassessment of the corporate’s enterprise path and the necessity to streamline operations.
Summit CEO and Chief Product Officer Jo-Ann Chung stated in a press release to Tech in Asia that the agency’s construction wanted to evolve in response to altering market situations and buyer wants.
Nonetheless, she didn’t affirm the variety of affected workers.
The corporate, which supplies instruments for expense and bill administration, underwent a rebrand in July 2024 following the departure of then-CEO Justin Choi.
Choi had taken over from co-founder Mohandass Kalaichelvan however stepped down after only one month.
Across the identical time, Summit exited the Philippine market, confronted inner allegations of economic misconduct in Indonesia, and laid off between 60 to 70 workers.
In an earlier interview with Tech in Asia, Chung stated Summit was supposed to serve a special section than Spenmo.
Whereas Spenmo centered on invoice funds and company playing cards, Summit was positioned as a platform for accounts payable automation.
Nonetheless, the corporate’s inner communication acknowledged that its preliminary plan to repurpose Spenmo’s core options for fast development didn’t align with the precise calls for of its new market.
Going ahead, Summit will consolidate its efforts round its present model and providing.
The corporate reportedly stays assured within the development potential of accounts payable automation on a worldwide scale.
Staff affected by the retrenchment will obtain a severance bundle that features 4 months of insurance coverage protection and job placement help.
These on work visas can even be supplied with relocation help.
Featured picture: Edited by Fintech Information Singapore, primarily based on picture by Summit
