Argyle, which helps companies and institutions access employment records, has laid off several employees across all departments, TechCrunch has learned from sources. A company spokesperson confirmed to TechCrunch that 6.5% of the team, or 20 people, have left.
The figure provided by Argyle does not represent contractors who may be affected by layoffs. A spokeswoman declined to provide further details on the number of contractors affected, if any, or what, if any, layoffs workers have been given.
“Argill’s continued market growth, targeting enterprises rather than SMBs, requires a different skill set and the company has made adjustments to the team today,” the spokesperson wrote in an email. The same spokesperson said that the company is still hiring more than 30 vacant positions to double its workforce by the end of the year. While the spokesperson didn’t say exactly, the statement indicated that it’s looking to hire more enterprise-focused people, leaving behind people with more SMB experience.
The startup raised a $20 million Series A round in October 2020, then announced it will process 10 million user employment records per month. CEO and co-founder Shmulik Fishman says he wants to disrupt the process by which institutions purchase records from third parties and instead bring user consent into the mix. The goal is to give employees more ownership over their data and make the whole process more transparent. Fishman hinted at his love for Plaid in an interview that same month, even mentioning the startup’s name as a nod to other successful fintechs named after the pattern.
Ironically, however, Plaid quickly went from friend to foe. Months after Argyle landed Serie A funding, Plaid has announced the launch of income assurance services.
This year, Argyle announced a $55 million Series B round of funding and the launch of a self-service tool to make it easier for consumers to access their work records. The company said it experienced “10x growth” compared to the previous round. At last count, Argyle serves more than 500,000 US employers, including 60% of the Fortune 500 and “nearly 100% of gig workers.”
In the early days, Argyle told FinLedger, the biggest customer segment was companies like financial institutions, publicly traded banks, credit unions, insurance providers and any type of credit extension.
