Pluang claimed the purchasing power diminishment influenced the market and caused a decline in investment product demand, impacting the layoff.
Heaptalk, Jakarta — A wealthtech startup Pluang, reportedly performed a layoff for a workforce based in Indonesia, Singapore, and India.
As the company said in the official press release, the economic challenges remain globally and impact the financial market performance, particularly in the investment sector. The high inflation rate and purchasing power diminishment also influenced the market and caused a decline in investment product demand.
By performing this restructuring effort, the company aims to provide sufficient space to anticipate economic challenges and uncertainties to retain sustainable future growth and company performance. Pluang’s management team has also conducted further evaluation and review of the company’s strategic objectives, including the company’s core business amplification, business priorities rearrangement, and operational cost optimization.
The Co-Founder of Pluang, Claudia Kolonas, voiced, “Pluang’s success as a multi-asset investment application cannot be achieved without the support and persistence of our talented employees as an important asset for the company’s progress,”
Even though the company is obliged to perform this complicated decision, Claudia ensures that affected employees will receive worthy compensation following the existing regulations in the country. She also emphasized that the company would provide an extension of the insurance period for employees and support for getting a new job placement.
This investment startup will continue to maintain and improve the quality of service, users’ convenience, and security in investing, diversifying assets, and conducting trading activities. Several innovations Pluang continues to make various innovations to provide equal opportunities for retail investors in Indonesia to take part in global financial markets.
Hitherto, around 10 million users have registered on this platform. Pluang has provided users with five investment asset classes: investing in digital gold, mutual funds, crypto assets, stock indices, and US stocks. As an investment platform that provides access to the United States stock market (S&P 500), this wealth tech application also provides micro e-mini S&P 500 index futures traded on the Chicago Mercantile Exchange (CME).
As information cited in Tech in Asia, in January 2022, Indonesia’s Pluang bagged additional funding worth US$55 million in a Series B round led by Accel. Several strategic investors backed this funding, covering BRI Ventures, Square Peg, Go-ventures, UOB Ventures Management, and Openspace Ventures.
