Tiger-Backed TrueLayer Loses Unicorn Status in Fundraising Round [BNN Bloomberg (Canada)]
Coinbase Global, Inc. - Class A (COIN)
US:NASDAQ Investor Relations:
convertedorganic.com
Company Research
Source: BNN Bloomberg
The move comes just weeks after the company began reducing headcount to shore up profitability, the person said, asking not to be named discussing non-public information. Chief Executive Officer Francesco Simoneschi also recently announced at an internal meeting that the company would restructure operations, the person said. The open banking company raised $50 million in a round led by the venture capital fund Northzone, TrueLayer said in a statement. The fundraising values the company at about $700 million, the person familiar with the matter said. That compares to the more than $1 billion price tag it garnered in 2021 in a fundraising that lent the startup so-called unicorn status. “Separately to this fundraise, we have taken important steps to chart our path toward profitability,” Simoneschi said in the statement. “This funding is yet another vote of confidence in our company, our technology.” The open banking payments platform provides underlying infrastructure for some o
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