Sunday, 17 September, 2023

Peter Thiel-Backed Velocity Cuts 14% of Staff amid Revenue-Based Financing Challenges

Velocity, a revenue-based financing startup supported by Peter Thiel's Valar Ventures, has reportedly laid off approximately 14% of its workforce. The move comes as the company faces challenges in its revenue-based financing model, which allows businesses to secure capital based on their sales revenue. The layoffs indicate the competitive nature of the fintech industry and the need for startups like Velocity to adapt to changing market conditions.