Affirm Holdings, a buy-now, pay-later fintech, is slashing 19% of its workforce after missing expectations for both its second fiscal quarter and its immediate outlook.
Founder and CEO Max Levchin said he was “deeply sorry” for those affected by the job cuts. In a letter posted on
Affirm
‘s website, he said the company’s decision to grow rapidly during the pandemic and its too-slow response to macroeconomic challenges that increased its costs “means that we have built a much larger team than we can reasonably expect to support.”
