Embedded finance platform Unit has laid off 15% of its workforce, citing "slower than expected" revenue growth.
Unit's Dashboard and suite of APIs, SDKs, and white-label UIs helps companies build banking and lending products.
In a note to employees posted on its site, the company's co-founders Itai Damti and Doron Somech say that the job cuts come amid the need to "think in longer time frames".
"Banks in the fintech ecosystem have slowed down in the last year due to increased regulatory scrutiny. While we believe that the slowness is temporary and Unit will actually benefit from the resulting regulatory clarity, it will take time. For now, we need to focus on efficiency and account for slower than expected revenue growth."
The firm insists that it has a large balance sheet and is not immediately looking to raise capital, instead "executing on a plan to become profitable without the need to do it".