Payment processing company YapStone plans to lay off 66 employees in California, the company notified the state in a letter sent last month.
Employees who will be laid off range from accountants to software engineers to three vice presidents, according to a notice filed with California’s Employment Development Department.
Half of the layoffs will be at the company’s headquarters in Walnut Creek, and the other half will be in Los Angeles.
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The layoffs are “due to the company’s decision to streamline its operations” and will be effective on October 14, YapStone’s general counsel David Durant wrote in the letter.
In a statement provided by YapStone to Crunchbase News, the company said:
“We have invested heavily over the past two years in a ground-up development project called Transact – our new end-to-end payments solution for marketplaces, the travel industry and other industries that demand a flexible and configurable system for complex payment flows. Transact was announced last October and is live.
As we shift focus from development to growing and diversifying our business, the adjustments in our staffing aligns resources against our go forward strategy and requirements, and better reflects synergies in our operations and support functions due to automation and our expanding global presence.”
YapStone has $186.4 million in total funding, according to Crunchbase data, with its most recent round a $71 million Series C in February 2018. The company was founded in 1999 and raised its $2 million Series A in April 2000. The company’s investors include Accel Partners and PremjiInvest.
Illustration Credit: Li-Anne Dias