GoCardless has axed 20% of its staff in a bid to cut costs as it eyes full-year profitability.
The London fintech has reduced its staff headcount from 764 to just over 600 since 2023, according to accounts filed by Companies House, as it vowed to hit profitability “within the next two years”, i.e. by June 2026.
The firm said the cuts, combined with a transfer of a number of back-office roles to an overseas subsidiary, would lead to a reduction of employee costs of £11.7m and a reduction in operating losses of £43.6m.
GoCardless reported a surge in sales, with total turnover rising 41% to £132m for the 12 months to end June 2024, a rise which the company put down to an increase in both its sales-led and self-serve channels, which grew 54% and 23% respectively. International revenue grew 47% in signs the firm’s drive to expand globally was paying off….
