Fintech firm Plaid is laying off about 260 employees, adding to a recent wave of cuts from private tech companies.
CEO Zach Perret announced the layoffs in a memo sent to staff Wednesday morning, citing macroeconomic challenges throughout the past year.
The company currently has more than 1,250 team members in seven offices worldwide, according to the Plaid website.
The announcement comes amid a string of layoffs among tech companies, including Meta, Twitter, Lyft and Coinbase, among others.
Equity grants for employees with the company for more than a year will be accelerated to a February vesting date.