Robinhood is laying off more employees and reorganizing teams as part of a new focus on credit cards as the company tries to mitigate a shrinking user base, insiders say.
In June, Robinhood announced plans to acquire no-fee credit card startup X1 for $95 million.
Credit cards are much higher-margin products than stock-trading and generally less exposed to volatile markets.
X1 and Robinhood's future in credit cards were the focus of the company's last all-employee meeting, the person said.
The layoff was widely reported, but audio of an all-hands meeting reviewed by Insider recently showed ongoing cuts have been deeper .
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