Fintech Argyle eliminates workers five months after a $55 million Series B round

Argyle has let go of a large number of people across the board in order to facilitate the release of personnel information to businesses and government agencies. A corporate representative confirmed the layoffs, adding that 6.5% of the staff, or 20 individuals, were let go.

Argyle’s number doesn’t account for independent contractors who could have been affected by the layoff. A representative will not comment on whether or whether severance was offered to workers or the amount of contractors who were affected.

A representative for the firm said in an email that “Argyle’s continuous march upmarket, targeting corporations rather than SMBs,” necessitates a unique set of skills and that the company has already made one such change today.

” The same spokesman also indicated that plans to quadruple the company’s personnel by the end of the year, filling more than 30 available jobs, are still on track. The remark suggests that the company has let go of employees with expertise in serving small and medium-sized businesses (SMBs) and is instead on the hunt for employees with experience in serving large businesses.

In October of 2020, the company said that it had secured $20 million in a Series A round of funding and was processing 10 million user job data each month. Shmulik Fishman, CEO and co-founder, has stated his intention to shake up the current system wherein institutions acquire information from third parties by introducing user permission into the equation. The aim is to make the process more open and offer workers greater control over their data. In an interview the same month, Fishman alludes to a fondness for Plaid and suggests that the company’s name is a reference to other successful fintechs with brands based on patterns.

But ironically, Plaid has rapidly turned from ally into enemy. Plaid announced the availability of income verification services a few months after Argyle secured Series A investment.

Argyle, a company that facilitates easy access to employment information for customers, announced a $55 million Series B fundraising round and the release of a self-service application this year. As a follow-up, the firm said that it had “10x growth” since the last funding round. Over 600 of the Fortune 500 companies and “near to 100% of gig workers” use Argyle, and the company claims to service over half a million businesses in the United States.

Initially, Argyle said to FinLedger that its primary market consisted of “credit extension in all shapes and sizes” businesses including banks, credit unions, insurance agencies, and other financial institutions.