Veriff will lay off a fifth of its employees around the world
Estonian verification startup Veriff will lay off 101 employees around the world due to continuing global economic shutdown.
According to the founder and CEO of Veriff Kaarel Kotkas, high interest rates are affecting the growth of Veriff accordingly. The growth rate of existing customers has slowed down compared to last year, and it is not an easy moment now for attracting lots of new customers.
Founded in Tallinn in 2015, Veriff is an online identity verification unicorn startup that protects businesses and their customers from online identity fraud. It has offices in the US, UK, Estonia, and Spain.
In February 2023, Veriff made 66 employees redundant (12% of its global team). Back then, the company claimed that the reason for layoffs was an attempt to achieve more efficient company growth and to make Veriff’s support features correspond to its size.
Despite the announced difficult economic situation in the company, Veriff showed one of the highest turnovers among Estonian startups in the first quarter of 2023 - €20M, and €38M - in the first half of this year, following only Bolt. Veriff was also one of the significant employer taxpayers in the first quarter of 2023. The company paid €2,5M of employment taxes.
