Fintech Startup Lightico is expected to Layoff 25% of Its Team

Lightico, a Fintech startup company, laid off 20 of its 80 team members after separating with a similar number of staff last March. The company, known for providing companies and organizations with mobile e-signature and e-document solutions, has taken another decision for a second round of layoffs. They are sacking 20 of their employees, 25% of their workforce.

The words of Lightico CEO

Zviki Ben Ishay, the CEO of the Fintech startup company, Lightico, made this announcement with reports from Calcalist. He said they were the first to cut jobs in 2022, and that decision helped them till the end of the year. They have seen the decision not helping their situation, as much as they aim to reach a profitability path.

He said they are not facing any slow movement in their business, but he has to spend a lot of money because marketing costs are very expensive. So, because of this, he wants to spend only some of the cash in the company and later ends up in a cash crunch. This company was built for greatness, and we didn't hire unnecessary workers, but we have to say goodbye because of what the market is saying.

"We were the first to lay off employees in 2022, which helped us reach the end of the year," CEO Zviki Ben Ishay told Calcalist. "Now we see that the situation is not improving, and we must reach a path to profitability. We must control our destiny, and when the market recovers, we can once again raise funds and recruit employees. 

"We aren't feeling any slowdown in business in our sector, but to grow, I have to burn money because our marketing costs are very high," added Ben Ishay. "I don't want to spend all our cash and find ourselves in a cash crunch. This company built great, and there were no unnecessary employees, but this is the market at the moment. We said goodbye to amazing people, and we will help them all."

More on Lightico

Lightico, as of July 2021, raised $14 million in a follow-on Series B funding round led by Capital One Ventures and brought the total to about $27 million. Hapoalim Bank joined the round and integrated Lightico's services into various operations, with previous investors Crescendo Venture Partners, Lool Ventures, and Mangrove Capital Partners.

Primary insurance, automobile, telecom, and finance organizations use Lightico's digital finishing platform. Businesses can use consumer smartphones to collect paperwork, confirm identity, and receive payments. CEO Zviki Ben-Ishay, COO Omri Braun, and CTO Justin Josh established Lightico in 2015.

Final words on Lightico

Lightico is an in call document eSigning and they also share solutions for sales, regulatory compliance and services. They have decided to add to their reports on layoffs as they this decision on the second phase of cutting jobs in their company. With their headquarter office in New York, they have beem able to fit into the tech society with the type of services they use. We hope this new decision will help them reach their profitable path, as they fight seriously for that.

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