Fintech
Plaid alumni hire from Coinbase to rescue 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 made Brex’s loss become its gain.
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Stytch, a startup focused on Identity Access Managementwas founded in 2020 by a famous engineer and product manager well paid payment company Plaid. Stytch has about 70 employees and was previously valued at $1 billion, albeit as of 2021.
Four ‘Brexling” have joined Stytch since March. Among them is Brandon Gier, who has explicitly stated that he took part in the layoffs and has published a advice guide for employees in a similar position. Gier also noted that 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 fired, but they all left in January. Among them are two senior software engineers and a solutions engineer, the latter of whom has only worked there for nine months. Stytch also hired Nidal Fakhouri, a remote work iOS engineer who announced that he is part of Spotify’s layoffs earlier this year.
Stytch generally hires. This month added Colleen Stock, an engineering manager at Coinbase that it was working on infrastructure, Coinbase CEO Bryan Armstrong said previously needs to invest more.
The San Francisco Business Times reported that Stytch has been carrying out layoffs on its own initiative in February 2023, laying off 25% of staff. An engineer via Glassdoor says he was fired via email and that “no one from management or leadership has come forward.” Other than that, people seem to enjoy working there; it has an impressive 4.8 Glassdoor stars. 2024 reviews state that the company has a very high level of talent, with a lot of autonomy given to them. Even the fired engineer 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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