NerdWallet, a personal finance company, laid off six people from its marketing team this week, TechCrunch learned and has since confirmed with NerdWallet.This latest round of layoffs means NerdWallet has cut nine percent of its workforce this year.
Back in April, NerdWallet laid off more than 40 people, which represented eight percent of their staff. As part of the changes in April, NerdWallet VP of growth Henry Hsu left the company and NerdWallet COO Dan Yoo moved into an advisory role.
The layoffs this week were part of the reorganization that NerdWallet began in April, CEO Tim Chen told TechCrunch via email.
This move helps to right-size Marketing to a team of 36 Nerds and it ensures our resources are allocated optimally across the company, Chen said. Our strategic resource allocation also includes the addition of 41 new hires since April, with focused recruiting in the areas of product, engineering, and design.
Despite the layoffs, Chen says NerdWallet is still growing and is financially strong. Regarding NerdWallets remaining workforce of 444 people, Chen says there are no more planned layoffs in the foreseeable future.
NerdWallet has raised $69 million in funding, with its most recent round coming in May 2015 from Institutional Venture Partners.