Fintech startup RiseUp, that helps customers control expenses, cuts 50% of workforce
Israeli fintech company RiseUp is laying off 50% of its 100-person workforce. RiseUp closed a $30 million Series B in April 2022, taking its total funding to $48 million.
RiseUp was founded in 2017 by Yuval Samet, Iftach Bar, Tamara Harel-Cohen, and Hanan Rubin. The company offers a technology-based solution that helps customers control their expenses and save money, through a combination of advanced technology, expert consulting, and community support. The tech platform collects and analyzes data, automatically predicts future transactions and provides customers with a simple snapshot of their financial situation. RiseUp has collaborations with Israel’s Bank Discount and Bank Leumi.
The Series B was led by Corner Ventures alongside Aleph, Latitude), Sir Ronald Cohen, and Jeff Schwartz.
RiseUp said in response: “Like many startups, RiseUp is required to make adjustments to its workforce in order to ensure its growth and profitability, even in challenging market conditions, including the ongoing war. Unfortunately, this requires us to say goodbye to dedicated and talented employees and team members who have helped RiseUp become a significant fintech platform that serves tens of thousands of customers. This is alongside additional measures to save expenses and focus on our business. We will provide support to each and every member of the team and work as much as possible to help them in their professional paths.”
