Temasek-Backed Partior Continues Layoffs Just 2 Months After $60M Raise – New CEO To Blame?
Singaporean blockchain startup Partior, backed by Temasek Holdings has been hit by job cuts. | Credit: DEA / M. BORCHI / Getty Images.
Key Takeaways
- Thirty staff members from Partior were laid off in July 2024.
- Former employees are speaking out against the blockchain startup’s new CEO, Humphrey Valenbreder.
- Partior raised $60 million in a Series B funding round in May.
Blockchain startup Partior has suffered a wave of layoffs, with reports of several other staff members leaving on their own accord.
The news comes as disgruntled former staff members have spoken out against the company’s newly appointed CEO, Humphrey Valenbreder . They claim the new head has “planted a toxic culture” and does not understand the company’s vision.
Partior Layoffs
The Singapore-based startup reportedly let go of thirty employees in July, going from over 130 to 90 staff. A range of other staff members, including those in leadership roles, have reportedly left the company on their own accord.
In an interview with Tech in Asia, Partior claimed the layoffs were “difficult but necessary decisions to best gear the company to realize scale and grow volume.”
In the termination letter, which Tech in Asia also reviewed, Partior said the company had faced “unforeseen technical hurdles” during a new unspecified process.
Partior Raises $60M
The layoffs have come at a surprising time for the company, coming shortly after the startup raised $60 million in a Series B funding round in May.
At the same time, the blockchain startup, which is backed by Temasek, JP Morgan, and DBS, also appointed a new CEO.
Humphrey Valenbreder, previously in senior management roles at bunq and the Royal Bank of Scotland, replaced former head Jason Thompson who quietly left the firm in January.
While it is not clear whether the layoffs are linked to the new CEO, several disgruntled former employee reviews have appeared on public employment review site GlassDoor.
Disgruntled Partior Employees Speak Out Against CEO
Former employees have taken to GlassDoor to blame Partior’s new CEO for the company’s issues and the reason so many employees are leaving.
“After joining, CEO is always out of office,” wrote one anonymous poster.
“Many employees resigning but still checking what time people clock in or out. Productivity not measured. Budget slashed everywhere. No communication or leadership,” they added.
Another slammed the CEO for lacking a “strong vision and strategy for the company” as well as “breaking the morale of everyone on his few weeks into the job.”
CCN contacted Partior for comment but did not receive a response by the time of publication.
Partior, which specializes in cross-border payments on the blockchain, has become the latest Temasek-Holdings startup to suffer losses in recent months.
Temasek-backed ShopBack, an online shopping rewards app, announced in March that it was cutting 24% of its staff.
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