In a message to employees Wednesday morning, CEO and co-founder Zach Perret said the San Francisco-based company had hired aggressively due to an influx of new customers and increased product usage by existing customers. He now admits the hires came “ahead of revenue growth,” adding that “the current economic slowdown has meant that this revenue growth did not materialize as quickly as expected.” (The Logic) 

Talking point: As e-commerce slows down and inflation rises, Plaid is the latest fintech company to announce significant layoffs, following in the footsteps of Stripe, Chime, Clearco and others. Plaid opened its first Canadian office in June, near Toronto’s Financial District, and told The Logic last fall it would increase its focus on Canada. Company spokesperson Freya Petersen would not say Wednesday if any employees in Canada were affected by the cuts, but said “our Canadian office remains open and we will continue to support our customers and partners in the region.”