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Socure slashes workforce

Categories Biometrics News  |  Trade Notes
Socure slashes workforce
 

Socure has reduced its staff by 104 people, cutting nearly 19 percent from its peak workforce in response to softer demand for biometric identity verification from several key market verticals.

The company employed over 550 people before the layoffs, according to its website. Socure also cut 69 employees in mid-2022. That move was reported at the time as 13 percent of its total workforce, which equates with approximately 550 employees.

Socure is providing continued health benefits, outplacement and other support to departing employees.

“We stepped on the hiring gas pedal in ‘21, a few quarters before the macro economy slammed on the brakes in ’22,” Socure Founder and CEO Johnny Ayers wrote in a message to employees shared with Biometric Update. “This resulted in a huge increase in net-new headcount expense right as the economy and our customers hit pause or slowed down with uncertainty mounting – and in extreme cases, we have seen some fintech, gaming and crypto partners unfortunately have to close their doors entirely.”

Ayers says the company is approaching 2023 with a strategic plan based on innovating its core products, build its enterprise customer base and grow in essential markets with more nimble teams. He highlighted the strength of the company’s balance sheet and success at preventing fraud.

Other biometric identity verification providers cutting staff recently include Trulioo, which cut about 10 percent of its workforce.

Dramatic cuts have been more common in the wake of a broad downturn in the tech sector, with major lay-offs announced in recent months at Twitter, Amazon, Meta and Salesforce, among others.

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