The workforce of Pluang, an Indonesian wealthtech platform, has been reduced by 10% in Indonesia, Singapore, and India.
The company claims that the layoffs are a necessary component of its efforts to “safeguard” sustainable growth and performance.
“Pluang is not immune to the uncertain macroeconomic conditions. High inflation rates and decreased purchasing power have a negative impact on the market and result in lower demand for investment products,” the firm shared in a statement.
Co-founder of Pluang Claudia Kolonas stated that impacted employees would be given extended insurance coverage for themselves and their families as well as compensation in accordance with local laws.
Pluang, a platform that was established in 2019 by Kolonas, Iwan Tjam, and Richard Chua, allows users to invest in gold, cryptocurrencies, mutual funds, and index futures of US stocks. According to the business, there are currently over 10 million users who have registered.
The most recent funding round for the investment app was a US$55 million series B round led by Accel in January 2022.
